The housing market may be slowing down, but the value of what is inside our homes is growing at a faster pace than ever.

A typical family home in the UK now contains £44,447 worth of possessions, according to insurer MORE TH>N’s annual home contents index 2004.

With values rising 50% in the last decade and 8% over the last year alone the 'stuff' inside our homes is now worth more than the cost of an average house in 1987.

The MORE TH>N Home Contents Index shows that the continuing increase in the value of our possessions within our homes is being driven by a nation of 'gadget fanatics’ who frequently upgrade electronic goods, such as computers, iPods, mobile phones, game consoles, cameras and entertainment systems for the latest model or trend.

However, despite this rise in consumer spending many of us don't realise the true value within our home today. In MORE TH>N's online survey nearly half (49%) thought the contents within their home was worth less than £20,000. Over two thirds (68%) estimated their possessions to be worth less than £30,000.

The table below shows what people surveyed by MORE TH>N estimated their possessions to be worth and the real value of contents of a typical three bedroom house with two adults and two children:

What pushes up the value in our homes?

Children have always been expensive but today's 'PlayStation Generation' are adding 24% onto the value of the contents inside of our homes.

Once children enter our lives, the value within our homes increases dramatically, typically by £8,772. The contents of today's toy-box alone could cost £850 to replace and if you include game consoles such as PlayStation 2 and games this adds a further £370.

Even babies can significantly increase the value inside the home with baby equipment and nursery furniture adding £680.

Changes in fashion and lifestyle are also driving up the value within our homes, with the contents of an average wardrobe worth nearly £4,000. In addition, we are buying more electronic goods for our homes, for example 67% of UK houses now contain two or more televisions and 44% have a computer.

Graham Hollebon, Head of Personal Finance at MORE TH>N said, "Despite several interest rate rises this year, it seems that the consumer boom is still alive and well. As a nation we are filling our homes with more and more time saving gadgets and entertainment systems, such as kitchen gadgets, iPods, plasma screen televisions DVD players and BlackBerries."

"It's easy to lose track of the value of your possessions and really important to ensure you have enough cover for your home contents should the worst happen."