Credit crunch not affecting family 'value'
22 August 2008
The credit crunch is not affecting the value of the average UK family's possessions, which is likely to increase over the next five years according to new research.
Insurance firm More Than claims that by 2013 the value of an average family's things will rise nearly 30 per cent, from £70,848 to £90,422.
The research also shows the difference in a family's value caused by life changing events such as couples living together or having a baby.
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Co-habitation ups the average value by 65 per cent and having a child adds £2,000 to a family's overall value, with children moving out of home knocking the value back down by approximately £1,000 a year, the organisation claims.
With UK families feeling the strain around the credit crunch, the survey shows that people are holding off from moving home due to the volatile housing market and instead choosing to invest money in better furniture or new possessions, increasing their average value.
Figures published in the Guardian this month claim that this is the worst time to buy a first home since 1970, with the average deposit needed by a first time buyer standing at £17,300 - a rise from £13,160 last year.
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