Funeral prices decline since CMA review
While the like-for-like cost of a funeral has come down in price, direct cremations are now the cheapest funeral of all at the average of just £1,511 as it has now become more widely available
The price of the average funeral is now 2.5% cheaper than it was a year ago, costing around £3,900, according to SunLife’s annual ‘Cost of Dying’ report, as 63% of people in the industry say it has improved as a result of the Competition and Markets Authority review.
According to the report, this drop in funeral costs is only the second ever since recording began in 2004, as the average funeral cost is now also 5.5% cheaper than the £4,184 average reported in 2020.
In addition, while the like-for-like cost of a funeral has come down in price, direct cremations are now the cheapest funeral of all at the average of just £1,511 as it has now become more widely available.
Ian Atkinson, chief marketing officer at SunLife, said: “An overwhelming majority of funeral directors support the recent changes to their industry, and during a cost-of-living crisis when the price of so many things is rising fast, people will be glad to know that funeral costs have gone the other way.
“Our research has always shown that most people don’t shop around when buying a funeral, so it’s also good to see that over half of funeral directors have noticed an increase in the number of people getting more than one quote. People typically get more than one quote for their car insurance or when looking for a builder, so it makes sense to do so for a significant cost like a funeral too.”
