Cost of housing down 17%

A report by Halifax suggests that the average annual cost of owning and running a home in the UK fell from £8,766 to £7,298 between 2008 and 2009 - a drop of £1,468 (17%).

A large portion of the reduction is due to a 47% fall in mortgage interest payments over the last 12 months. The average mortgage rate dropped from 5.80% in April 2008 to 3.62% in April this year.

On the other hand, some costs have risen - for example, the cost of gas and electricity increased by 13% on average.

A spokesperson for debt management company Gregory Pennington said: "At a time like now, many households will be facing the prospect of debt.

"However, the fall in the average cost of running a home will leave many people with more disposable income. This `extra` money could be put to good uses, such as building up their savings, or overpaying their unsecured debts and/or mortgage debt."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.