Consumers are hanging on to appliances they no longer need, adding to the overall value of their home contents, it has been observed.

A survey conducted by insurer esure reveals there are currently nearly 300 million devices hoarded away in British homes.

Many of these include obsolete electrical items such as video recorders and hi-fis which have now been replaced by DVD players and iPods.

The findings are indicative of consumers' willingness to spend on new luxuries, according to esure - with secured loans a possible means of affording such items.

Head of home insurance Nikki Sellers comments: "Millions of homes are tied to a constant upgrade cycle on account of new and better gadgets appearing almost daily.

"Unfortunately, we are also stockpiling the items they replace because we can't bear to throw them away."

One in three respondents stated that they were unwilling to get rid of the goods due to the amount they had spent on them in the first place.

But taking out secured loans could spread the cost of any major purchases, lessening the immediate strain on personal finances.

The Office of Fair Trading previously recognised that access to secured loans and other forms of lending offers "a sign of freedom" for young Britons.ADNFCR-1287-ID-18324005-ADNFCR

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