With the nation spending billions of pounds on instruments, consumers should be cautious be aware of the financial impact that an interest in music can have on them, it has been suggested.

Research carried out by Halifax Home Insurance indicates that a third of Britons, about 7.8 million, have instruments or some type of recording equipment in their homes. Such items were revealed to be worth an average of 523 pounds per consumer. Overall 9.6 million people actively play at home, with guitars, flutes, violins and other apparatus coming in at a combined total of 6.8 billion pounds.

The study also showed that 1.57 million Britons have recorded their work using their own studio technology. It was suggested that such an increase in home recording was due to digital apparatus becoming more affordable in recent years, with such equipment - which can often be fitted easily into a bedroom - now costing about 1,000 pounds.

For those looking for a competitive way to finance buying a top of the range instrument or to set up a home recording studio, taking out a personal loan may prove to be of assistance.

However, it was also claimed that budding Mick Jaggers and Paul McCartneys may find pressure on their finances increasing should they be the target of burglary. Research from the financial services firm indicated that during the last five years, just over a quarter of a million of musicians (266,000) have had equipment stolen outside of their home, in locations such as venues, rehearsal rooms or a friend’s home. Such thefts were revealed to be worth 416,000 pounds. Meanwhile, an estimated 301,000 consumers have equipment taken from their own property during this period of time at a combined loss of 340 million pounds. As such, Britons were advised to make sure they have a comprehensive insurance policy.

The firm’s comments come in wake of the recent Brit Awards ceremony which saw Take That, Foo Fighters and Arctic Monkeys take home prizes.

Commenting on the figures, Martyn Foulds, senior claims manager for Halifax Home Insurance, said: “While the Brit Awards congratulates the very best of Britain’s musical talent, it’s clear that many as yet undiscovered musicians are making and even recording, music in their own homes. Although musical instruments and recording equipment have undoubtedly become more affordable, they’re still not items that can be easily replaced if the unthinkable happens.”

Whether consumers want to be the next Mark Ronson or dream of being a new Dizzee Rascal, taking out a UK personal loan may help those wanting to purchase instruments or musical recording equipment for use in the home. Applying for a Cheap loan may see borrowers left with affordable repayments to make each month. In addition the financial assistance that a loan provides could allow consumers to generate enough disposable income to take out insurance. Earlier this month, MoneyExpert pointed out the value in taking the time to select cheap loans. Research conducted by the firm indicated that in moving to a cheap UK loan from a more expensive borrowing deal, consumers could save some 204 pounds per year.

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