The £3,000 north south divide on finance

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Households in the north of England pay £3,000 less a year on their household bills compared to those living in the south, according new research.

Comparison webiste MoneySuperMarket.com looked at the average cost of running a home, taking into account essential bills including mortgage and rent payments, water and energy bills, home insurance, broadband and council tax rates.

The analysis shows the size of the North-South divide and unsurprisingly identifies London as the most expensive place to live in the UK with average bills standing at a staggering £11,536 per year.

By contrast, the north of England is the cheapest places in the UK to live with household running costs of £8,521 per year on average respectively.

The cost of owning and running a home varies massively by area when breaking down the cost of essential bills. Mortgage and rent payments are the biggest expenditure for people, and for Londoners this is typically around £7,164 per year. That is a stark contrast to those living in the north where it costs people £3,000 less to keep a roof over their heads. Annual mortgage and rent bills are £4,908 in the north.