Household bills went up by almost £300 in the UK during 2017, according to new findings from comparethemarket.com.

Energy bills saw the most dramatic price increase – with the average now £1,625 – increasing by almost a fifth (17%) on last year’s figure (£1,383).

Overall, our research shows that the costs for energy, motor and home insurance rose by 13% over the past year, leaving consumers an average of £286 out of pocket.

Wales saw the biggest price increases over the past 12 months. Household bills soared by more than £500, with energy bills increasing by a whopping £458. In Scotland, bills have increased by 15%, rising to an all-time high of £2,317.87.

Reasons for the increased costs include changes to the personal injury discount rate (known as the Ogden Rate) in March, alongside hikes in Insurance Premium Tax (IPT) in 2016 and June of this year.

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Simon McCulloch

Director

comparethemarket.com

“It’s been a torrid three years for household finances. The combination of soaring bills and squeezed wages is causing a lot of pain for millions. The ongoing trend of ‘billflation’ is most apparent within the car and energy markets, where consumers can expect to pay around £200 more than they did during 2016.

Despite recent announcements from the Big Six energy firms who plan to scrap Standard Variable Tariffs (SVTs), millions are still languishing on expensive default tariffs, which may account for the fact that energy costs are at a record high.

However, it’s not all doom and gloom. Significant savings can be made by switching suppliers. Consumers can expect to save, on average, over £500 on all their household bills simply by shopping around for the best deals in the market.” 

Our table, which includes figures from 2015, shows a breakdown of where UK households are paying more for their bills. 

Average household bills from 2015, 2016 and 2017

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