Cost Of Property Effecting Living Standards

The cost of buying a UK property has a direct effect on the living standards on the country's population, it has been claimed.

According to Martin Bamford, chartered financial planner and managing director of Informed Choice, the cost of housing has a "big impact" on living standards in different parts of the country.He explained that, where housing is cheaper, such as in the north, associated mortgage costs will also be lower.

According to the expert, when people live in an area with expensive housing stock, it is "inevitable" that the same household income will not stretch as far. The ever increasing house hold bills have added to the tension of people and they find it hard to survive within a certain budget.

He elaborated that London and the south-east are "certainly" the most expensive areas to live, as the cost of housing is so high in relation to other parts of the country. "Across the UK, there are pockets where housing is far more expensive than the local average, so the cost of living in these areas can be very high also," Mr Bamford added.

He also noted that there are many things people can do to help reduce their living costs at the moment, adding that a mistake many people make is to allow their living costs to increase each year in line with pay rises.

"It is by increasing this gap between earnings and expenditure that you are able to build long-term wealth to support your family," the expert explained.

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