It’s four years since the Brexit vote was held on June 23, 2016 and while a huge amount has changed across Britain since then, household gas and electricity prices are now back at the same level, say industry experts.
While the price of shopping has risen by an average of 11 per cent, house prices by nine per cent, and rail fares by 10 per cent, the cost of the best value household fuel bills - which had risen until November 2018 – are now back at summer 2016 prices.
The trend means people who last changed their gas and electricity deal in 2018 are now missing out on huge savings due to the recent plunge in energy prices.
“Many people believe that energy costs just go up and up, but that hasn’t been the case over the last six-12 months,”
said Mark Gutteridge, managing director of Somerset-based auto-switching service Flipper, which seeks out the cheapest deals for its members.
“The price of the cheapest duel fuel deal increased by 30 per cent between Summer 2016 and November 2018 adding more than £200 per year to bills, but since then energy prices have been falling, and following a big drop over the past few months, the best deals available now cost the same as four years ago.
“We’re seeing suppliers launching new tariffs offering the lowest prices in years and anyone who has not changed their energy provider this year needs to check immediately to see if they can save money.
“Even people on a fixed tariff may find it is more cost effective to pay any exit fees and move to a cheaper tariff while prices are low.
“Anyone who has recently switched will be enjoying much lower bills, but those households who are still on the same deal they were 12 months ago, are now paying hundreds of pounds more than they should be. The average household can save nearly £370 by moving from a supplier’s standard tariff to one of the best deals currently available.”
Flipper is the UK’s first auto-energy switcher and prides itself on being truly independent as it does not take commission-based referrals from any of the energy providers.
The site offers a subscription service and manages bills on behalf of its members using an algorithm to scan the market to find energy deals. Members join for free and only pay a set fee if savings of more than £50 can be found.
Visit www.flipper.co.uk for more information.