Cash in the attic: clutter worth thousands stashed in the loft

UK residents have an average of £2813 worth of clutter gathering dust in their attics, according to research from The Co-operative Bank and The Co-operative Insurance.

The survey of 2000 adults also reveals that people vastly underestimate the value of ‘junk' stored in their attic.  On average, people think that items stowed in their loft are worth just £559 but according to the research, they are likely to be worth at least four times that amount at around £2813

The findings show that aside from family heirlooms and treasured photographs, common items stashed in the attic include electronic goods such as computer equipment (39%), old stereos (32%) and televisions (25%), as well as clothes (30%), and suitcases (24%). It also shows that more than a quarter of people (27%) use the attic to store their wedding dress while one in 10 use it to store old bikes.

Furthermore, at least one in 10 adults (12%) admits that they never clear out their attic, accounting for the amount of duplicate items which people store in their loft - the survey reveals that one in five people (22%) have as many as five TVs stored in their loft, while more than a quarter (29%) have the same number of stereos.

James Hillon, Head of Home and Family at the Co-operative Bank said: "For many, just the thought of having a clear-out is a cause of worry, so much so that the term ‘hoarder disorder' has been coined to explain the scientific symptoms and medical reasons behind our hoarding habits.  But at a time when many people are struggling financially, it is surprising to see how much earning potential those items that are rarely seen or used could have. While there are always heirlooms and items of emotional value that we can't bear to part with, selling a few of the less sentimental things online or at a car boot sale could be a great little earner when times are financially tough."

The research also shows that almost a third of adults (30%) would not consider selling unused items to raise money, despite 58% of people saying that those items have no sentimental value. It also reveals that men are the worst hoarders, with a third (35%) choosing to hang on to clutter compared to a quarter (23%) of women.

Lee Mooney, Head of Home Insurance at The Co-operative, said: "The findings tell us that more than half of people do not consider the items they have stored in their attic when taking out home insurance, which means that if their was a leak, or worse, a fire, they could lose thousands of pounds from their attic alone."

Looking beyond the attic, research revealed that consumers could also have as much as £71 in cash hidden around the home, whilst people estimate that further money generating clutter worth up to £2598 is stored in the following areas:

Spare room - £585 worth
Hall cupboard - £328 worth
Under the stairs - £299 worth
Shed - £500 worth
Garage - £886 worth