Consumers warned to be aware of the rising cost of home improvements
Consumers across the UK are being urged to bear in mind that the cost of building work and home improvements has rocketed over the past couple of years, which means that those planning to carry out home improvements rather than move house in the current climate may find that the whole process if far more expensive than they originally thought. Many people may have decided to carry out home improvements rather than move given the fact that house prices are falling and properties sales have slumped.
Whilst many homeowners may think that carrying out home improvements in the midst of the housing slump is a good idea, as it means that they can adapt their property to suit their needs without the need to move, the expense can quickly mount up according to industry officials. Superficial work such as decorating can be done as a DIY task, but more technical work such as extensions, plumbing, and electrics, which many people decide to have done, require an experts, and this can cost a fair amount of money.
In fact, according to some industry officials the cost of having work done to improve the home may have rocketed by around 25% compared to 2006. Amongst the reasons given for these price hikes are rising cost of materials for builders and tradesmen, coupled with many Eastern European workers heading back home, which means that firms have to hire more expensive labour.
An official from the Royal Institute of Chartered Surveyors recently stated: ‘No longer can homeowners pick and choose from the glut of quality EU tradesmen as the number of central and eastern European nationals returning to their native countries is on the rise. With half of the estimated one million British-based Poles having already left the UK, competition for labour is pushing up costs.’
The institute also went on to state: ‘The upward trend in oil prices is continuing to fuel the rising cost of transport, with forecasters predicting oil to rise to $200 per barrel in the next few years. Global demand for raw materials remains at an all-time high. With emerging giants such as China and India showing no signs of a slowdown, commodity prices will remain high for years to come. ‘This is no more evident than in the various trades where the cost of materials have pushed up the overall costs.’
Consumers are urged to make sure that they shop around when looking for firms or tradesmen to carry out works in the home, as the prices can vary from one firm to another. Having works such as extensions and conversions can help to increase the space in the home, thus eliminating the need to move for some homeowners, but it is important to get a decent deal on the cost of the work, especially if the homeowner is planning to fund the project by way of a home improvement loan.
Recent additions:
- Lack of first time buyers causes problems throughout housing market
- Much higher deposits needed by first time buyers
- Rocketing fees from mortgage lenders
- MP called consumers miserable
- House price predictions changed by Halifax
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