This decline largely reflects the fall in mortgage rates since 2008.
In contrast, the cost of each of the other 10 housing expenditure categories tracked has risen since 2008. Electricity and gas bills have risen most (up by 57%, or £626 a year), followed by home and garden tools (25%) and water supply and miscellaneous dwelling services (22%).
As a result, mortgage payments have dropped significantly as a share of total housing costs since 2008 from 48% to 37% in 2013. In contrast, the share of electricity and gas bills has risen from 12% to 18%.
Nonetheless, mortgage payments remain the largest single component of housing expenses (37%). Electricity and gas charges account for the second highest share (18%), followed by council tax payments (14%).
Martin Ellis, housing economist at Halifax, comments:
"The typical costs of owning and running a home have again increased slightly over the past year, although this rise was below the general increase in the cost of living.
"Overall, the cost of owning a home has increased by 2% over the past five years, representing a significant decline in real terms. Lower mortgage payments have largely offset increases in other items of housing-related expenditure, such as the substantial rises in electricity and gas bills."