UK home insurance premiums reportedly fell 5.6% in the 12 months to July 2021, representing a 6.4% decline from the June 2020 peak.
According to Consumer Intelligence, a data analytics group, the average price of annual home insurance premiums across the UK sat at £144 at the period end.
Split into regions, Yorkshire and The Humber saw the largest reduction in premiums, falling 7.9% year-on-year to £150.
London remained the most expensive area at £202, while Wales and Scotland saw 3.2% and 4.8% decreases to £135 and £139 respectively.
While Consumer Intelligence said that it expects premiums to rise upon reopening of the UK, it claimed that it will not spike “as much as some may expect”.
Harriet Devonald, product manager at the firm, said: “The home market is already a very competitive space which keeps premium increases largely at bay.”
Elsewhere in the research, it was revealed that the gap in premiums between younger and older residents is shrinking, although under-50s homeowners pay over £151 for an annual buildings and contents policy, while over-50s pay £134.