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Home improvement costs up by 20%

Homeowners across the North East are being hit by the rising costs of transport and raw materials as the costs of home improvements soar, according to new figures. According to the Royal Institute of Chartered Surveyors, the average cost of improvement work has risen by 20% over the past two years.

The Institute’s Building Cost Information Service (BCIS) has produced a Property Makeover Price Guide, which aims to give North East homeowners a guide to the prices they should expect to pay for home improvements. It also lists some of the reasons for the rise in prices, including the falling numbers of EU tradesmen, the increasing cost of fuel used to transport materials, and the rising cost of the materials themselves.

The guide also shows differences in the cost of improvements based on location in the UK. A 3x3 single storey extension will cost around £23,940 in Greater London, but £19,320 in the North of England.

Joe Martin, BCIS Executive Director, said: “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.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .