16 Dec 2019 The average household now has £38,000 worth of belongings; an increase of almost £3,000 in the last four years, according to analysis from home insurance provider, buzzvault. Total physical wealth – the value of household contents, possessions and valuables owned – for all households in Great Britain has rocketed to £1.3 trillion, up £185 billion in the same time period.
Analysis of the latest ONS Wealth and Assets survey from the home insurance provider reveals the South West has seen the biggest increase in the value of household contents, rising £8,000, or 20%. Over one in ten (13%) households own ‘collectables or valuables’ such as antiques, artwork or stamps, Around one in six households (15%) own between £50,000 and £75,000 worth of goods.
While challenging economic conditions have caused consumers to approach shopping with caution, higher employment and continued growth in earnings have kept the tills ringing. The ease of online shopping and the ability to receive a new purchase at home within hours of clicking the ‘buy’ button is also a factor: total online spend in the UK is expected to reach over £75bn by 2023.
Becky Downing, CEO and founder at buzzvault, said: “We have more access than ever to the goods we want. A quick scroll online or stroll on a lunch break can lead to us returning home with potentially hundreds of pounds worth of goods, particularly after payday. However, this makes it all too easy to bump up the overall value of our contents without recognising how exposed this leaves us.
“Having up-to-date insurance is important, but so is having a policy that can be adapted as quickly and easily as buying the products in the first place without having to endure excessive fees. Should the worst happen, and you find yourself the victim of a burglary, the last thing you need is for a claim to be turned down because you’re under-insured and new purchases are not covered. Flexible insurance policies can take minutes to sort, and mean you’re not left significantly out of pocket.”
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