Cycling today, gone tomorrow: Cost of UK bike theft crisis totals £2.4 billion

•  New study by Novuna Personal Finance reveals 70% of cyclists have experienced bike theft at least once
• The total estimated cost of bike theft across the UK equates to £2.4 billion
• Three leading UK cities for bike theft are Bristol (82%), Newcastle (76%) and Edinburgh (74%)

The UK’s bike theft epidemic is costing cyclists billions, with 70% of riders falling victim to theft, according to new research from Novuna Personal Finance. With over 5.6 million cyclists across the UK¹ and an average stolen bike worth £612.80, the total estimated cost of bike theft is £2.4 billion.

Bike theft is a major concern across UK towns and cities including Bristol which has the largest proportion of cyclists experiencing bike theft (82%), followed closely by Newcastle at 76% and Edinburgh at 74%. Both Liverpool and London had 73% of cyclists falling victim to bike theft in each city. 

Proportion of cyclists impacted by bike theft in UK cities

Where are bikes being stolen – and how?

Novuna’s research found that nearly half of cyclists (42%) felt most at risk of bike theft when it was left at a public rack. This was followed by train stations (17%), outside of the home (16%), and outside of the workplace (10%). 

The majority of thefts occur in public places (51%), affecting 2.03 million cyclists. However, homes aren’t safe either - 30% of bikes (1.2 million) are stolen from private properties. Worryingly, 46% of thefts happen despite bikes being locked. As a result, 66% of cyclists (2.5 million people) have taken measures to upgrade their bike security. 

The lasting impact of bike theft

Sadly, the vast majority of stolen bikes are never recovered according to Cycling UK, and the impact of bike theft goes further than the financial losses. Nearly 870,000 cyclists (23%) said they cycle less now because their bike was stolen, while over 320,000 (9%) have stopped cycling altogether.

In response to theft, 2.2 million victims (59%) bought a new bike outright, while 893,000 (24%) filed insurance claims and 316,000 (8%) used a bike finance plan. Despite this, a significant 4.1 million cyclists would consider financing a new bike if theft protection was included.

E-bikes - gearing for growth but a target for thieves?

According to analysis from Statista, around 180,830 e-bikes were sold across the UK in 2023, making up nearly 10% of all bikes sold. This is a significant increase from just 0.86% in 2015. 

With e-bike sales soaring, cyclists are rightly concerned about the risk of theft. Novuna’s research reveals that 75% of cyclists think e-bikes are more likely to be stolen than regular bikes – the equivalent of 4.2 million cyclists. 

Theresa Lindsay, Marketing Director at Novuna Personal Finance, comments: 

“With such a high number of cyclists counting the cost of theft as our research shows, it’s clear that bike security needs to be taken up another gear. A quality lock is essential—even for short stops—and securing bikes properly can help deter thieves.

“It’s concerning to see so many cyclists reducing or stopping riding altogether due to theft. For many, a bike is one of the most valuable items they own, especially if they own an e-bike, and ensuring proper protection to keep bikes as safe and secure as possible is crucial.”