By Natasha Roberts
Date: Friday 01 Jun 2012
Britons are planning to splash the cash over the extended weekend as they wave their flags and raise a glass to mark the Queen's Diamond Jubilee.
According to a report by Santander Insurance, around six million UK residents are set to spend a whopping total of £424m on house parties as they celebrate the monarch's 60 years on the throne - and this doesn't even cover the numerous street parties set to take place in towns and villages across the nation.
Those hosting private parties are spending around £83 each on their celebrations, including food, alcohol and memorabilia.
According to Santander, 3.5m more people are attending parties over the four-day weekend than the number who partied away the Royal Wedding last year.
Regionally, 14% of Welsh residents are throwing a party to mark the milestone, while such celebrations are proving the least popular in the North East at 9.0%; 13% of Londoners are expected to host some form of private Jubilee party.
However, amid the excitement leading up the weekend Santander Insurance warned that as many as 14% of those hosting a party do not have home insurance to cover damage and theft. Well, it is an insurance company ...
The financial institution pointed to figures which reveal that damage to household items was caused in 6.0% of house parties during 2011; the same percentage resulted in damage to high value electrical items, wall and upholstery stains, and garden damage. Furthermore, 5.0% of parties were targeted by thieves, while 7.0% of parties ended with carpet stains.
So, the advice (from us, not Santander) is to attend a party at someone else's house ...
Colin Greenhill, Director of Santander Insurance, said: "The Queen's Jubilee weekend is a great opportunity to throw a celebration with your neighbours, family and friends. It's good to see that so many people are planning some form of celebration; however, given the prevalence of accidental damage and theft during party celebrations, we are urging people to review their policy cover and make sure they are adequately covered."
Meanwhile, street parties are proving just as popular as more private celebrations, although these don't come any cheaper.
In comparison to the Silver Jubilee, the average cost per head is now £7.18, five times higher than £1.27 per head in 1977.
At the time of the Queen's silver jubilee, 35 years ago, a street party for 77 people would have cost around £97, but now stands at a pricey £553, according to price comparison web site moneysupermarket.co.uk.
The web site's James Foord said: "This year's jubilee celebrations are all about nostalgia and that includes party food.
"Classics like Victoria sponge cake, jelly and ice cream, egg sandwiches and sausages on sticks have as much place on the party table in 2012 as they did 35 years ago, but the price difference and amount of choice between then and now is enormous."
In some areas local councils have taken steps to minimise costs to organisers by taking on the expense for diversion signs and cones, in order to allow as many people as possible to join in with the regal celebrations.
Mirroring policy decisions adopted in Worcestershire and Wandsworth, Liverpool City Council will pay what normally amounts to around £75-£100 in diversion costs, saying it is "a great opportunity for neighbours and friends to come together and celebrate the Queen's 60 years of service to the nation".
or share it with one of these popular networks:
You are here: news