New study reveals the “average” family home in Britain

The typical British family home is a three-bedroom semi-detached house with one bathroom, built in the 1930s and owned with a mortgage, the latest Family Finances Report from insurance group Aviva shows.

The mortgage is likely to be in the name of David and Susan – British families’ most common names – and the car most likely to be parked in the average family’s driveway is a Ford Focus.

British families also gradually accumulate more expensive possessions over their lifetime. For example, under-25s have £18,834 worth of items covered by their contents insurance. By the time they have reached the age of 45, this rises to £39,167. The average family has household contents worth £35,486 (see table two).

Homes and family finances go unprotected

Our love affair with our homes is clear and almost a third (28 per cent) of families say they feel emotionally attached to their home and 55 per cent want to make improvements to their homes. Yet despite this, Aviva’s Family Finances Report shows that millions of families are potentially failing to protect the roofs over their heads as they don’t have adequate insurance in place in the event of a loss of income.

While over a third (35 per cent) of families have life insurance in place, offering financial protection if an income earner should die, fewer families have critical illness cover (11 per cent) and just 8 per cent have income protection to cover their salary should they become ill or injured and unable to work, equivalent to around 11.7 million unprotected households. This is a serious consideration, given that whether families are paying a mortgage or renting, this cost needs to be covered.

In addition, the report shows that 31% of families have no contents insurance in place. Across England alone, this equates to more than 3.9 million households and means as much as £139.6 billion worth of possessions are unprotected and therefore at risk of theft or damage.

With the average family having to spend £505 each month on housing (rent or mortgage repayments), by failing to protect their incomes, families are at risk of losing not just their financial security, but also potentially putting the family home in jeopardy.

Louise Colley, managing director, protection at Aviva, comments:

“Whether it’s the average 1930s semi, or something else entirely, Aviva’s research confirms that British families have an emotional attachment to their homes. They also own over £30,000 worth of belongings, with the value accumulating over their lifetime.

“However, a significant proportion are failing to keep not just their homes and valued possessions protected, but also themselves. Not having appropriate insurance leaves families at risk of falling into debt – or worse, losing their homes – should the main breadwinner become unable to work. We’d urge every family to check their financial foundations to assure themselves they are secure and protected against all eventualities.”

A snapshot of Britain’s average family