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The contents of the typical British home are worth more than £42,000, it is revealed today.

New research shows how spendthrift consumers, under pressure to "keep up with the Joneses", are cluttering their houses with the latest gadgets and gizmos.

In total, £18.4 billion a year is being spent on items for the home. The living room is the most "valuable" room in the house, with an average of £5,000 in items - ranging from state-of-the-art home entertainment centres to sofas.

Next comes the kitchen, with around £4,000 of contents, including the latest cookers and equipment such as bread makers, ice cream makers and espresso machines. The average garden shed is cluttered with £2,000 of useful or not-so-useful stuff. Popular items include barbeques and power tools.

Items most prized in the struggle to keep up appearances were plasma TV screens, "big" American-style fridgefreezers, DVD players, garden equipment, and kitchen gadgets. Hefty amounts are being spent on conservatories, home extensions and new cars.

The study, by insurer MoreThan, found one in five people admitted updating their home to keep up with the neighbours. The trend was accelerated by manufacturers marketing each update of their products as "must have". While owners kept cookers and fridges for 11 to 12 years, items like computers, phones and fax machines were replaced every four years, while toys lasted no more than two.

"Neighbour envy" may also help explain why British borrowers are so deeply in debt, with much of the spending on credit and store cards.

Steve Kingshott, head of household insurance at MoreThan, said: "Homeowners are more easily able to finance purchases of high-value goods. We often find a TV and stereo in each bedroom, even the kitchen. In homes that appear to have everything, people are tempted to replace items with later models".