Brits have billions of pounds worth of old tech sitting unused at home

• Apathy is costing the average person around £250, with around 1 in 3 people admitting they rarely or never think about trading-in unused devices
• musicMagpie has teamed up with Timpson to allow people to get cash for their old tech within minutes 

Brits are hoarding billions of pounds worth of old tech in their junk drawers, new research by musicMagpie reveals.

A nationally representative survey of 2,000 UK adults found that 73 percent of Brits have at least one unused phone at home.

Based on musicMagpie’s average trade-in values, it is estimated that Brits are sitting on £10 billion, once scaled across the UK population. However, apathy could be costing the average person around £250, with around 1 in 3 respondents (31 percent) admitting that they rarely or never think about trading in their old tech.

Among Brits who have a preference, more than two thirds (68 percent) said they would prefer trading in their old tech in person than sending it off by post.  A major factor appears to be speed of payment, with 1 in 4 Brits saying that receiving their money ‘straight away’ is very important to them.

To meet this demand, musicMagpie has now teamed up with leading high street retailer Timpson to turn this into a reality. Customers can take their old smartphone to their local Timpson store, have it assessed in front of them and get paid for it within minutes.

Steve Oliver, managing director and co-founder of musicMagpie, said: “Rolling this scheme out to 1,300 stores in the Timpson network is a huge milestone for us, and it’s great to see that so many customers are choosing to trade in their old phones in a way that’s as good for the planet as it is for their wallets.

“Our research showed that the majority of Brits want the ability to trade-in their unused tech in person, so it’s brilliant that this partnership will now allow people to do just that and receive cash in their bank accounts within minutes.”

Sid Hubbard, group director at Timpson, added: “Customers across the UK can now add smartphone trade-in to the list of services available at their local Timpson shop. For over 150 years our focus has been to provide an exceptional customer experience whilst carrying out jobs that make your life easier, from key cutting to dry cleaning and shoe repairs.

“Unused tech sitting around the house is a common theme for millions of us, so we are excited to offer an easy, trusted solution on the high street. With 1,300+ conveniently located Timpson shops up and down the country, giving unused tech a second chance and turning into cash has never been easier.”

With many households feeling the squeeze after Christmas, unlocking cash from old devices could provide a timely financial boost.

More than 1 in 3 people (34 percent) said they would use the money to pay bills or buy groceries, while 27 percent would put it into savings, 18 percent would treat themselves, and 15 percent would book a holiday.