Average value of UK household possessions rises

Aviva’s latest How We Live report^[4] suggests that the average value of household items has increased by 38% in the past five years to more than £58,000. The research shows that UK households have significantly increased their spending on technology, with the total value of items in this category increasing across all age groups since the same survey in 2019.

The report also finds that younger people play a key role in this increase, with Millennials (aged 25 to 34) owning a significant number of personal possessions valued above the national average.

Rising value of UK household possessions outpaces inflation

The research suggests that UK residents own more items than they did five years ago, and that the value of those items has risen considerably since then.

The average household estimates their possessions are worth a total of £58,210, up from a figure of £42,180 reported in the same survey in 2019. This represents an increase in value of 38%.

Comparatively higher than the cumulative inflation of 25% seen over the same period^[5], the figures reflect a combination of increased inflation in the price of goods, as well as acquisition among UK consumers.

In particular, the report finds that there has been a significant rise in the value of technology within the average UK household.

Compared to 2019, the value of personal devices (including laptops, tablets, and mobile phones) has increased by 48% from £3,506 to £5,196. During the same period, the value of appliances has risen 43% from £3,932 to £5,636—with the value of kitchen appliances specifically rising 48% from £3,732 to £5,538.

While the typical UK household’s bicycles remain worth £1,000 or less^[6], the study suggests demand from higher spenders for e-bikes and other premium bicycles has pushed the mean average value of such items up significantly to £4,463.

Younger adults lead the way on possession values

Millennials (aged 25-34) estimate that they have the highest value of possessions, with certain belongings proving particularly popular.

Aviva’s research finds that the average value of personal technology devices among Millennials’ homes, such as laptops, mobile phones, and tablets, totals £8,267 - or £3,000 more than the national average of £5,196.

Millennials also own a higher-than-average amount of jewellery, with the average household total of such items being £8,233. In comparison, the average UK household owns jewellery worth £5,727, putting Millennials’ total items in this category £2,500 higher than average.

Homes with older residents are found to have the highest value of furnishings, however. Over-75s own items including curtains and carpets that average a total of almost £4,000 (£3,929) which is over £1,000 more than the value of furnishings owned by 25 to 34-year-olds.

Hannah Davidson, Senior Underwriting Manager, Home and Lifestyle at Aviva, commented: “Aviva’s latest How We Live report shows the value of the average UK household’s possessions has increased dramatically in the past five years. In particular, households are significantly increasing the amount of technology they possess, such as mobile phones, tablets and kitchen appliances. Despite this, our research shows that many UK households have unprotected belongings, particularly among renters.

“With UK households now owning items worth almost £60,000 on average, it is important they have adequate cover to protect their cherished possessions. People should pay especially close attention to the ‘sum insured’ shown on a policy, ensuring this is sufficient to replace all their possessions. Residents should also consider if any additional options would be suitable for their needs. For example, personal belongings insurance provides cover for items carried when away from home, such as phones and handbags so it’s an important element of cover to have, particularly when considering the increasing values we’ve seen in the research. Accidental damage cover can also help people get ready for unexpected mishaps around the home, such as wine being spilled on a carpet or a football breaking a window.

“In some cases, people may need to purchase specialist cover or list valuable items separately on policies. Every home and its contents are individual, so it is important people identify the right policy for their needs.”

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References:

^1. _{Note: This adjusted figure was calculated using the sample-wide averages for each category, combined to create an aggregate figure. Please note: This figure does not include the value of vehicles. [↑]}

^2. _{The underlying research was conducted by Censuswide between 4 and 13 December 2019, via a survey of 4,004 nationally representative respondents across the UK (aged 16+). Censuswide abide by and employ members of the Market Research Society, which is based on the ESOMAR principles, and are members of The British Polling Council. [↑]}

^3. _{Note: this figure accounts for households who reported owning personal devices rather than the entire sample. [↑]}

^4. _{The underlying research was conducted by Censuswide between 8 and 15 November 2024, via a survey of 4,000 nationally representative respondents across the UK (aged 16+). Censuswide abide by and employ members of the Market Research Society, which is based on the ESOMAR principles, and are members of The British Polling Council. [↑]}

^5. _{Inflation calculator, Bank of England [↑]}

^6. _{Note: this figure represents the median value of bicycles found in the research [↑]}

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