Mintel has revealed that the average price of a bicycle in the UK is just £233.
The figures come as part of a wide ranging report into the state of the bicycle market in the UK.
The report reveals fewer Brits are buying bikes while the value of bikes is on the up. Unit sales have declined from 3.6 million bikes in 2008 to 3.2 million in 2013 - down 13 per cent.
The average selling price of a bike rose £27 from £206 in 2012 to £233 in 2013.
According to Mintel, fewer poor quality bikes are available in the UK.
“There is no doubt that Britain’s cyclists have become more selective about the quality of bike they are prepared to ride, the average cost of a bike purchased rising in value," said Michael Oliver, Senior Leisure and Media Analyst at Mintel.
"In part this is due to the decline in availability of very cheap – and usually poor quality – bicycles which have flooded the UK market in the past. However, there is little doubt that consumers buying bicycles in the UK are gradually recognising that one gets what one pays for, and that it is worth spending a little more to get a good quality product.”