THE price of UK home insurance has rocketed while rates in neighbouring EU countries have remained far lower, new research has shown.

Analysis commissioned by the SNP and compiled by the House of Commons Library has found that between January 2022 and May 2023, UK home insurance inflation shot up to an average of 17.9%.

The inflation rate during the same period, meanwhile, remained dramatically lower in the EU.

In France, it averaged at only 2.8%, while in Germany home insurance inflation actually fell by an average of 2.6%.

UK home inflation figures hit a monthly peak of 29.9% in November 2022, whilst the highest monthly rate reached in France was only 5.7% in March 2023.

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In a comparison between May 2021 and May 2023 of the UK and France, Germany, Belgium, Denmark, Netherlands, Sweden, Norway and Ireland, the independent analysis shows that the UK has suffered the highest levels of inflation in home insurance. 

No neighbouring European country has hit a similar monthly high of 29.9% during the two-year period analysed.

The SNP’s housing spokesperson Chris Stephens said the data shows “Brexit Britain” comes at a cost “Scotland can no longer afford”.

He said: "Brexit Britain is being hit far harder by inflation than our nearest European neighbours, and every household is paying the price. This latest research shows the importance of achieving independence for Scotland and re-joining the EU as the only means of escaping broken, Brexit Britain.

"Westminster has failed to support people through the cost-of-living crisis, and that crisis for families is exacerbated by the fact that Brexit Britain is experiencing higher rates of inflation compared to our European neighbours.

"Whether its soaring insurance rates, food prices or energy bills, Brexit Britain comes at a cost that Scotland can no longer afford. 

"With independence, Scotland has the opportunity to join other European countries with control over their own affairs and access to the world’s largest single market.

"At the next election, only the SNP are offering real change and real hope. Independence would rid Scotland of Westminster governments we don’t vote for, and enable us to build a fairer, more successful and equal economy that works for all."

This new research comes a week after separate analysis revealed car insurance in the UK has also skyrocketed in the last two years in comparison to other European countries.

It revealed, the UK motor insurance annual inflation rate grew to 43.1% in May 2023. In contrast, the figure stood at 2.6% in Germany, 0.4% in France and 0.0% in Spain. In both Belgium (-0.4%) and Ireland (-3.6%) the annual motor insurance inflation rate had actually reduced.