• The average value of lost, damaged or stolen items has risen by 34 per cent in the last 12 months, from £500 to £700
• Over eight million people plan to move before 1^st October, when stamp duty is due to return
• Over a third (34 per cent) of those who have moved did not factor in moving costs – with 5.9 million people underestimating the expense

The average value of lost, stolen or damaged items when moving home has risen 34 per cent in the last 12 months, from over £500 to almost £700 per incident, reveals research from Direct Line Home Insurance¹.

Almost two million items have been lost, damaged or stolen during home moves across the UK in the last year. Nearly two million people who moved home in the last 12 months reported their possessions did not make it to their new home in the same condition. This means £1.3 billion worth of items were lost, damaged or stolen in transit in 2020 alone.

With these already high costs, it is no wonder that Brits are taking full advantage of the extended stamp duty holiday, with over eight million² (15 per cent) planning on buying a new property between now and September. However, this surge of movers is also likely to mean more lost or damaged items. 

Nowhere is this wave more prevalent than in London where the figure for those planning on buying a new property stands at 30 per cent. This is no surprise given the fact that home movers in the capital will pay no Stamp Duty on a new property if they move before the 21^st July – but this figure rises to £12,300 in July and £14,800 in October³.

Overall, Britons moving home before October could collectively save themselves as much as £24 billion in stamp duty, with the average UK home mover saving as much as £4,200 by moving before the end of September.

Even without paying for damage or to replace items, physically moving home can be expensive and a cost which many do not consider when budget planning. In fact, a third (34 per cent) of those who have moved, some 16 million people, admit they didn’t factor in moving costs when working out their finances and 5.9 million (12 per cent) had underestimated just how expensive it would be.

Over the last five years, people across the UK have spent £8.4 billion collectively on removal costs, with the average amount paid per removal coming in just over £400. In the last six months alone, more than 2.2 million people have moved home, spending over £1.5 billion. The amount spent on moving seems to have increased significantly over time, with those moving in the last six months paying more than double those who moved over five years ago (£682 vs £293).

Dan Simson, Head of Direct Line Home Insurance, said: “The extended changes to stamp duty announced in the budget means home moving is likely to continue at pace as buyers are set to continue saving thousands of pounds. This research shows that often it’s the last step of a home purchase which takes people by surprise, so it’s important movers remember to budget for moving costs and take care of their possessions in transit.

“It’s worth checking your contents policy as Direct Line provides covers for loss of, or damage to, contents while they are being moved to another permanent residence. Also remember to take out home insurance for your new property from the day you get your keys and not cancel your policy from your old address until you have completed your move and sale.”

Additional analysis⁴ found that every year more than 600 insurance claims are made for items lost or damaged while moving home. The South East sees the highest number of claims for items lost or damaged while moving and accounts for one in six (17 per cent)of all claims over the past two years. This is ahead of the South West (13 per cent), East of England (12 per cent) and London (11 per cent).

For more information please visit www.directline.com/home-cover

ENDS

Notes to Editors

¹         Research conducted by Opinium among a nationally representative sample of 2,009 adults between 29^th January and 2^nd February

²         Research conducted by Opinium among a nationally representative sample of 2,000 adults between 12^th – 16^th March

³         Analysis of varying SDLT rates on the average house price per region, courtesy of the Land Registry’s House Price Index, December 2020

⁴         Analysis of Direct Line home insurance claims data for 2019-2020. All figures extrapolated to cover the entire UK insurance market

For further information please contact:

Chelsey Wheeler
PR manager – Direct Line  

Tel: 01651 832 095

Email: [email protected]

Direct Line

Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides motor, home, travel and pet insurance cover direct to customers by phone or on-line.

Direct Line general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Direct Line and UK Insurance limited are both part of Direct Line Insurance Group plc.

Customers can find out more about Direct Line products or get a quote by calling 0345 246 3761 or visiting www.directline.com/home-cover

is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Direct Line and UK Insurance limited are both part of Direct Line Insurance Group plc.

Customers can find out more about Direct Line products or get a quote by calling 0345 246 3761 or visiting www.directline.com/home-cover