Friday 22nd August 2008
Britons will be feathering their nests rather than moving home over years to come - significantly boosting the value of their possessions in the process.
According to new research, released today by insurer More Than, the "lifesworth" total of an average UK family will grow from £71,000 to £90,000 between now and 2013.
Moreover, this figure is set to grow still further in the future, rising to £125,000 by 2018 and £159,000 in 2023.
More Than claimed that this trend is occurring because of, rather than despite, the current poor performance of the economy - which might yet tip the UK into recession.
This is due to falling house prices and tightening mortgage availability leading many people to work towards upgrading their own property, rather than moving to a new one.
Dowshan Humzah, product director at the insurer, commented: "Considering the current economic downturn it's surprising that the worth of the average family is set to rise over the next two decades.
"After all it is understandable that, in the current financial climate, many people might consider it far safer to invest in the things that make their homes more 'homely', rather than risk spending the money on upgrading the actual property they live in."
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