High energy prices 'hit London property hardest'
Energy prices are primed for a series of increases in 2008, with people in the capital set to suffer the most when bills come in – making them more likely to keep other costs down by opting for rental property.
A set of price rises for gas and electricity were announced by supplier npower this week, but regional variations have been identified by Moneysupermarket.com, indicating a tougher position for Londoners than for others.
London prices were said to have been hit with the biggest npower increases this year, totalling 21.7 per cent, while average npower customers in Scotland and northern England will pay as much as £93 less.
Paul Schofield, head of utilities at moneysupermarket.com, issued advice particularly relevant to hard-hit Londoners, explaining: "Our table clearly shows why people should swap now. You don't wait in a rising market."
He added: "npower withdrew its excellent SOL8 tariff on December 17th, meaning you could no longer apply for it. But those who were already on SOL8 are still enjoying those prices today."
But as well as changing tarriff, many Londoners will look to handle rising energy prices by cutting costs elsewhere – with rental property often preferable to the financial burden of putting down money for a first household mortgage.
Published 9th January, 2008
© 2008 Estates IT Limited
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Energy prices are primed for a series of increases in 2008, with people in the capital set to suffer the most when bills come in – making them more likely to keep other costs down by opting for rental property.