Flat owners issued warning as common housing cost skyrockets to £2,300 a year A huge warning has been issued to flat owners as the average service charge for a leasehold flat in England and Wales has risen to £2,300 a year.
Hamptons says that 2024 marked the biggest annual increase since it began tracking service charge costs in 2016, making service charges the largest bill for many after their mortgages.
Only in Wales were average service charges of less than £2,000 per year found, rising 20.8% over five years to an average of £1,767 per year.
The average service charge for two-bedroom flats is £2,351, 10.9% higher than the previous year, while three-bedroom flats charge £2,977 - a 7.7% annual rise.
According to data by estate agent Hamptons, the average service charge rose by 11% to £192 a month between 2023-24, with the average now sitting above £2,000 in nearly every region of England and Wales for the first time.
