Most people won’t remember what they paid for their insurance or energy at the start of 2018, but new data from MoneySuperMarket today reveals that the average Brit has seen some of their main household bills rise by £147, or £12 a month, in the last 12 months.
Analysing over seven million customer journeys on MoneySuperMarket during 2018, the data shows that while the average price of certain household bills has dropped, overall there has been a total increase in the amount Brits are forking out.
Energy bills have risen by £151, while home insurance is £22 more expensive than this time last year
Across four of MoneySuperMarket’s key product channels – energy and car, home and life insurance – the average Brit has seen bills rise to £1,996 a year, compared to £1,849 in January 2018 –representing an eight per cent increase.
Energy bills have seen the largest rise, with the average of the top 30 cheapest tariffs rising 17 per cent during 2018, from £882 in January 2018 to £1,033 today. Home insurance has also seen a steady upturn, with an average increase of £22, from £118 in January 2018 to £140 now.
Conversely, the average life and car insurance premiums have both fallen across the year. The average life insurance policy taken out in January 2018 cost £300 per annum. This fluctuated throughout 2018, reaching its peak in July at an average price of £334. It now sits at £283, representing a six per cent drop.
Car insurance has seen a small drop of £9 in the last 12 months, with the average fully comprehensive policy falling from £549 in January 2018 to £540 currently, with a cheapest point of £496 in August. For a full breakdown of how car insurance costs fluctuated between 2018 and 2019, visit MoneySuperMarket’s Price Comparison Index.
|Product||Average annual bill January 2018||Average annual bill January 2019||£ difference||% difference|
Tom Flack, Editor-in-Chief at MoneySuperMarket, commented: “2018 was another action-packed year, with extreme weather, two royal weddings, unpredictable politics and sporting triumph. But at the end of it, Brits are worse off financially, with household bills increasing by £147 – or £12 a month. For those anxious about their finances at the start of the new year, this is hardly welcome news. Thankfully though, there are steps you can take to bring these bills down and make life slightly easier.
“One easy way is to switch providers. Whether it’s insurance, energy, broadband or current accounts, now’s the time to go online to a price comparison site and find a better deal. If you’ve been with the same provider for a long time, the chances are you’re missing out on hundreds of pounds worth of savings. So get online and switch today – you’ll feel more positive about your finances in 2019!”