Partner Article

From House Building to Renovation

It was reported earlier this year that UK homeowners are much less willing to move to a new home than ever before. Instead, UK homeowners would rather spend money improving and renovating their home than uprooting to a new location.

Whether this is due to the constantly increasing, and generally inflated above their true market value, price of houses or due to some other factor it allows us to forecast an increase in spending on renovations and home improvement. Equally, we can assume that there will be a decrease or stagnation in home building and house buying and selling.

For those of us working in the construction industry it is vital to take this information into account. The way we structure our businesses will help us deal with the upcoming changes and challenges in the construction market. For example, rather than focusing resources on competing for scarce building projects, smaller companies might want to consider taking advantage of the new wave of renovation and improvement projects that are likely to be available.

Smaller organisations won’t find big projects easy to attain in this housing market. It makes more sense to focus on smaller projects and to restructure the business accordingly. In particular, focusing marketing and advertising on the renovation market rather than house building. The report cited earlier stated that most homeowners are interested in spending money in order to make their home look nicer, rather than to sell it. This would indicate that customers will be looking for high quality solutions rather than quick fixes aimed at generating a sale.

Companies that specialise in quality and customisation will undoubtedly do well in this market. For example Durable Timber Windows, a company that offers specialist, traditional windows, doors and staircases is ideally situated to profit from the renovation boom. They offer quality materials and aesthetics. Exactly what today’s customers are looking for.

Don’t let the changes in the building industry catch you off guard. Prepare to take on smaller projects that focus on renovation and improvement and your business will weather the housing storm.

This was posted in Bdaily's Members' News section by Henry Porter .