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Britons are splashing cash on their gardens, a new piece of research reveals.

In a study carried out by Lloyds TSB Insurance, the average garden contains possessions worth 1,237 pounds. Meanwhile, ten per cent of such spaces are revealed to have items valued at over 3,000 pounds. The financial services firm also revealed that the most expensive single item in a garden costs a typical amount of 426 pounds, although for five per cent of those questioned such a product is worth more than 1,000 pounds. Overall, it was pointed out that the nation’s backyards hold tools, plants, furniture and other items worth a total 16.8 billion pounds.

The study also indicated a willingness among Britons to continually spend money on their gardens. Some 50 per cent of those questioned claim that they splash out over 200 pounds on their outdoor spaces each year. Meanwhile, three per cent of budding Charlie Dimmocks and Alan Titchmarshes look to shell out 750 pounds. The most sought after garden feature by homeowners for this year was shown to be a hot tub. Decking, ornamental plants, water features and outside lighting were also revealed to be among Britons’ garden wishlists.

For those looking for an effective way to finance making improvements to garden space, taking out a personal loan may prove to be of assistance.

Phil Loney, managing director for Lloyds TSB Insurance, said: “Everyone knows that we Brits are a nation of green-fingered garden lovers who like nothing better than spending time in the great outdoors. It’s hard to put a price on the pleasure of a barbeque on a summer’s evening but gardeners should stop to think exactly how much their backyards are worth. With all the gadgets and goodies that are available, they can quickly add up and gardeners run the risk of being under insured.”

Lloyds TSB also revealed that more than half of Britons have never made sure that their home insurance policy provides cover for the contents of their garden. Meanwhile, 87 per cent were indicated as not reviewing the value of items in their green space every year. Out of the 5,244 claims the firm processed over the course of 2007, the average case was shown to cost 726 pounds.

As such, consumers were urged to ensure that they take out comprehensive insurance.

“Home insurance policies vary greatly and often have limits on how much they cover outside. Take time to calculate the value of everything outdoors and choose a policy to suit your gardening needs,” Mr Loney added.

Britons looking to renovate their gardens might wish to consider applying for a home improvement loan. By taking out this type of personal loan, they might find that they can afford the cost of installing features such as decking, lights or expensive flowers and plants quickly and effectively. In addition, the help with money that such a loan provides could allow borrowers to take out an adequate insurance policy. This might be particularly advisable after Nationwide pointed out that 35 per cent of people think the contents of their garden spaces are worth between 250 and 1,000 pounds. It was also pointed out that as the nights get longer, Brits are not only set to spend more time in their gardens but could find themselves at greater risk from opportunistic thieves.

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