According to a research report, the cost of owning a house has dropped down by 4% in the past two years. This has declined as a result of smaller mortgage payments in Scotland. A study conducted by Bank of Scotland suggests that the cost to run a house fell by 388 Euros.

This cost has dropped to 8562 Euros from 8949 Euros in between April 2008 and April 2010.

The housing costs are now about 28% of the average earnings. It has been reduced from 32% two years ago. A drop of 19% in the mortgage payments equates to around 735 euros in Scotland.

The housing economist at the Bank of Scotland Mr. Suren Thiru has said that the cost associated with running and owning a house in Scotland has fallen over last two years because of reduced mortgage payments.

The drop in the housing costs has helped to release the pressure of the household’s finances and provides some relief to the house owners at the time of economic crisis.