The real cost of running the average sized UK home has been revealed by leading home insurers MORE THAN.

Owning a three-bedroom home in the UK comes with average annual running costs of almost £20,000 (£1,634 per month), with rented three-bedroom homes only slightly less expensive at just shy of £19,000 per year (£1,576 per month).

For a household with two working adults each earning the average yearly salary that means between 43% (rented) and 45% (owned) of post-tax earnings are being spent purely on household bills and the rent or mortgage.

Across the South West, in nearly three quarters of the properties surveyed, the cost of running a home was less for those with a mortgage than those renting higher than the national average.

In the South West the research looked at five different sized properties in Bournemouth, Bristol, Exeter, Plymouth, St Austell and Taunton.

Across all property sizes bar the largest (four bedroom detached) in all South West towns it was cheaper to have a mortgage than rent with a few exceptions offering marginal savings: St Austell two bedroom flat (£15.15 cheaper); three bed semi (£11.59) in Taunton; two bedroom bungalow (£42.08 cheaper) or three bed semi (£14.98).

One in five family homes in the South West (three or four bedroom) cost more than the total average monthly wage of £1827.91 to run.

Graham Nicholls, head of home insurance, MORE THAN said: “Our CORAH Report shows just how financially stretched most people are to put a roof over their heads and pay their bills, spending almost half their income before buying other necessities such as food, commuting, petrol or other insurance such as motor.

“It confirms the importance of having insurance in place to protect against unexpected bills. Home insurance cover can offer peace of mind and could help save money and it is worth checking to ensure you have the right cover to meet your personal needs.

“We would also encourage everyone to keep up the maintenance on their home and not be tempted to cut corners as insurers will not cover damage from wear and tear.”