Market competition helps to maintain affordable prices for home insurance. Peter, January 24, 2024March 7, 2024 Home Insurance Prices Remain Stable Average bills for home insurance have only increased by 2.1% over the past year, according to analysis from data analytics expert Consumer Intelligence. This slight increase is in line with the UK’s inflation rate, showing a competitive marketplace for home insurance. Long-Term Trends Although there has been a 2.1% uptick in premiums over the last 12 months, prices have not risen higher than they were five-and-a-half years ago. Since February 2014, average premiums have actually fallen by 1%. Age Cohort Differences The average home insurance premium across the market is now £136. Premiums for the over-50s increased by 2.7% to £143, while the under-50s saw a smaller rise of 1.5% to £129. Regional Disparities Londoners continue to pay the highest premiums in the UK, with an average of £187 for a buildings and contents policy. In contrast, the North East is the cheapest region at £119. The South East, London’s neighbor, is still 30% cheaper than the UK capital at £140. Property Age and Premiums Victorian-era properties have the highest annual premiums at £162, while properties built between 1985 and 2000 are the cheapest at £126. Properties built between 1925 and 1940 saw the highest increase in premiums at 2.9% over the last year.  Expert Insights John Blevins, a pricing expert at Consumer Intelligence, notes that home insurance is a competitive marketplace that helps keep overall pricing down. Regional pricing is based on local claims experience, including factors such as crime rates, weather events, and subsidence. Regional Price Changes South East: 4.1% increase, £140 average premium Eastern: 3.4% increase, £130 average premium West Midlands: 3.0% increase, £128 average premium North West: 2.8% increase, £130 average premium South West: 1.9% increase, £126 average premium Scotland: 1.7% increase, £127 average premium East Midlands: 1.3% increase, £135 average premium London: 0.7% increase, £187 average premium North East: 0.7% increase, £119 average premium Yorkshire and The Humber: 0.7% increase, £131 average premium Wales: -0.3% decrease, £130 average premium Download the Home Insurance Price Index Gain further insight into the market movements and benchmark major insurance brands by downloading our Home Insurance Price Index. For more information, contact: Consumer Intelligence Catherine Carey PR & Communications Manager 07823 790453 About Consumer Intelligence: Consumer Intelligence (CI) is a data analytics company specializing in helping businesses improve customer strategies. With 15 years of experience benchmarking the insurance market and retail banks, CI provides valuable insights to major brands worldwide. Visit Consumer Intelligence for more information. Home insurance