Seven in 10 cyclists in Britain have had their bikes stolen as total cost of thefts stands at staggering £2.4bn

Seven in 10 cyclists have had their bicycles stolen as the total cost of thefts has risen to a shocking £2.4billion.

A new study by Novuna Personal Finance has revealed the alarming extent of bike theft in the UK, with 70 per cent of cyclists having fallen victim to theft at least once.

With over 5.6 million cyclists across the country and an average stolen bike valued at £612.80, the total cost of bike theft has reached £2.4billion.

The problem is most prevalent in cities like Bristol, where 82 per cent of cyclists have experienced theft, followed by Newcastle (76 per cent) and Edinburgh (74 per cent).

In major cities like Liverpool and London, 73 per cent of cyclists have had their bikes stolen.

The study also highlighted the most common locations for bike theft. Nearly half of cyclists (42 per cent) felt most at risk when leaving their bikes at public racks, followed by train stations (17 per cent), outside their homes (16 per cent), and outside workplaces (10 per cent).

A significant 51 per cent of thefts occurred in public spaces, affecting over two million cyclists, while 30 per cent of bikes (around 1.2 million) were stolen from private properties.

Worryingly, 46 per cent of stolen bikes were locked at the time, indicating that even secure methods were not enough to deter thieves.

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As a result, 66 per cent of cyclists have taken measures to upgrade their bike security.

The impact of bike theft extended beyond financial loss. Most stolen bikes were never recovered, and the consequences were far-reaching.

Nearly 870,000 cyclists (23 per cent) reported cycling less frequently after their bike was stolen, and over 320,000 (nine per cent) had stopped cycling altogether.

In response, many cyclists replaced their stolen bikes—2.2 million victims (59 per cent) bought a new bike outright, 893,000 (24 per cent) filed insurance claims, and 316,000 (eight per cent) turned to bike finance plans.

Moreover, 4.1 million cyclists would have considered financing a new bike if theft protection had been included.

The rise of e-bikes added another layer of concern. In 2023, e-bike sales in the UK reached 180,830 units, making up nearly 10 per cent of all bikes sold, a sharp increase from just 0.86 per cent in 2015.

With e-bikes becoming more popular, 75 per cent of cyclists believe these bikes are more likely to be stolen than regular ones, which account for 4.2 million cyclists.

Theresa Lindsay, Marketing Director at Novuna Personal Finance, emphasized the need for better bike security: “With so many cyclists facing the financial and emotional costs of theft, it was clear that bike security needed to be a priority. Investing in a quality lock and ensuring bikes were secured properly could help deter thieves.”

Lindsay also pointed out that many cyclists had reduced or stopped their cycling habits due to theft, particularly when valuable bikes like e-bikes were targeted.

A Home Office spokesperson said: “Bike theft has a huge impact on individuals and for too long, many of the victims have felt that not enough was being done to prevent their bikes being stolen, or track down the thieves responsible.

“As part of this Government’s Plan for Change, our Safer Streets Mission is determined to clamp down on the crime that damages our communities, and affects people’s lives, and tackling theft will be a crucial part of that work.”