Crime spike linked to rise in commuting cyclists by Halifax Home Insurance

The surge in popularity of biking to work has been singled out as one of the main reasons behind rising bicycle theft by a home insurance provider.

According to a study from financial services provider Halifax Home Insurance, there has been a 10 per cent year-on-year jump in the number of bicycles stolen with 439,000 taken from their rightful owners over the last year.

Moreover, the home insurance specialist estimates that the total value of all stolen bicycles in the UK is £146 million - although some homeowners with a cheap home insurance package may be disappointed to learn they are not covered for bike theft.

Vicky Emmot, senior underwriter at Halifax Home Insurance, commented on why reports of the crime are on the rise.

The increase in thefts is due to an upsurge in the popularity of cycling across Britain, she said.

With increasing numbers of employers taking up initiatives such as the government's cycle to work scheme, opportunities for thieves will only increase.

Earlier this month, it was revealed that the cost of home insurance cover over the past three years has dropped by an average of two per cent, according to home insurance provider Sainsbury's Bank.