According to new figures released today by RICS’ Building Costs Information Service, the average cost of home improvement work in the United Kingdom has risen by 20% over the past two years. The main causes of this increase being rising prices of oil and raw materials combined with cheap Eastern European tradesmen returning home. As we reported a while back, the number of Poles leaving Britain (now around half of the estimated one million who had come to the UK) was always going to drive up labour costs. Now it seems we’re feeling the affects.
Repairing overflowing gutters typically cost between £160 and £460 in 2006, now the same job would set you back between £205 and £580 - an increase of 27%. Those who can’t afford to move right now and want to create an extra bedroom from a loft conversion will also feel the strain, a 6×5 loft conversion with 2 Velux windows started at £14,000 a couple of years ago. Now, that same conversion would start at £17,000 - a 21% rise. The cost of a conservatory has also increased by around 22%. But it’s still probably better to pay for the home improvements now than to expect them to get any cheaper.
BCIS Executive Director, Joe Martin, had this to say…
“The current downturn in the housing market is forcing some homeowners to become more creative in meeting their accommodation needs. Many are choosing to stay put and renovate or extend in order to upgrade their property rather than taking on more debt in a falling market. This can be a wise strategy as home improvements add value to a property, and people will be well placed to take advantage of this uplift in value when the market shrugs off the current slump. Given that the cost of home improvements rose by 20 percent over the past 2 years compared with only eight percent in average wage growth, many homeowners are opting to act now rather than paying more further down the track.”
Maybe if we put together a nice plate of Polish biscuits we can tempt them back?
Mmmm Delicje 
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