Home insurance premiums in the UK have fallen 5.6% in the past 12 months and 6.4% since a June peak last year as a result of the COVID-19 pandemic, Consumer Intelligence says.

The average buildings and contents policy now stands at £144 ($272), the data and analytics firm says. An under-50s homeowner typically hands over £151 ($285) for an annual policy, while the over-50s pay £134 ($253) for similar insurance.

Prices are expected to rise slightly as restrictions ease and less people work from home.

“The home market is already a very competitive space which keeps premium increases largely at bay,” Consumer Intelligence Product Manager Harriet Devonald says.

Residents in London pay an average £202 ($381), heading the list of locations where people pay the most for their home insurance, while the North East, East Midlands and the South West are the cheapest regions.

Older homes attract higher insurance premiums, reflecting higher claim costs, with roofing, plumbing, and wiring more likely to develop faults, and replacement materials expensive to source.

Victorian properties dating from 1850 to 1895 typically attract premiums of £169 ($319) while those built this century are the cheapest to insure at £133 ($251).