The one item sitting unused in almost every UK home that's 'worth £14bn'

More than 100 million mobile phones – worth an estimated £14.1bn – are lying unused in UK homes, according to new research.

It’s estimated that each Brit has also thrown two of the devices in the bin, despite only just over half (57 percent) being broken or damaged.

Now, to encourage the nation to cash in, mobile phone company Giffgaff has revealed exactly how to turn your old tech into treasure.

The average Giffgaff trade-in value is £133 which equates to £532 worth of unused or discarded handsets per household. 

Ash Schofield, CEO of Giffgaff, said: “Our research shows that people are sitting on a significant amount of cash, at a time when finances are being hit hard. 

“I would urge everyone to do what they can to get the maximum lifetime out of their phone. It’s good for your pocket and importantly the environment.” 

The findings also revealed that just over one third (36 percent) of UK adults have never traded in or recycled an old phone for cash and more than one in 10 (11 percent) didn’t realise that throwing away old mobile phones was bad for the environment.

However, almost half of those questioned for the study (48 percent) claimed they would be most likely to do it to save or make money.

But there were other reasons that might encourage people to clear their junk drawer of mobile phones – including knowing that recycling a phone is a more sustainable choice that helps cut down on landfill (28 percent) or that a recycled phone would be donated to help a good cause (31 percent).

Giffgaff has revealed five simple steps to recycling an old mobile phone:

1. Find out how much your phone could be worth. Anyone can check the price of their old device and sell it via giffgaffrecycle.com. 

2. If you are happy with the price offered add item to your basket then checkout to place your trade in.

3. Get your phone recycle ready and delete any personal data from your device and remove your SIM and any memory (microSD) cards.

4. Send the phone to giffgaff. Package your device, along with your order summary.

5. Your money is sent directly to your bank account on the same day your phone is processed.

Those interested in buying or selling a device can find out more by visiting giffgaff.com. The findings were calculated by polling 2,000 UK adults between February 23 and February 27 this year.