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Spending slows but value of possessions rises

02/12/05

The cost of possessions inside the average UK home now stands at around £45,000, according to a new survey.
 
But homeowners are spending a lot less on buying new things or replacing worn possessions in their homes, according to More Than Home Contents Index.
 
It shows that the value of possessions in the home increased by just 1.6 per cent between 2004 and 2005 compared to 6.7 per cent the previous year and 56 per cent over the course of the last decade.
 
A quarter of homeowners also feel unconfident about their finances as petrol prices reached record highs and utility bills increased, according to More Than's consumer barometer.
 
But those living in the north-west, the East Midlands and Wales have bucked this trend to produce double digit growth in their home contents values. They also recorded higher levels of confidence in their personal finances.
 
David Pitt, head of insurance for More Than, said that though spending was down, contents insurance should still be an important consideration for homeowners.
 
"Consumer confidence has dropped this year due to house price worries and increasing consumer debt," he said.
 
"The last decade saw a huge increase in spending on items for the inside of our homes as we filled them with gadgets and time-saving devices, but we have seen this slowdown over the past 12 months.
 
"It's easy to lose track of the value of your possessions over time and it’s really important to ensure you have enough cover for your home contents should the worst happen," Mr Pitt added.