Member Article

Growth in home improvements sector due to higher cost of moving

The home improvement sector is thriving, according to research from GS1 UK, the supply chain standards organisation.

In the year to 30 June 2017, 274 home improvement businesses specialising in DIY, furnishings and lighting, joined GS1 UK in order to trade online or through major retailers, compared to an average of 80 companies per year over the course of the previous 4 years.

In 2014, 57 home improvement businesses joined GS1 UK, with another 72 in 2015, and 108 in 2016.

GS1 UK say that this increase is driven by a significant number of home improvement programmes on television, as well as the increasing cost of moving home. These trends are encouraging people to renovate their current properties rather than moving.

GS1 UK’s analysis of HM Revenue & Customs data shows a substantial increase in the cost of moving compared to the average salary. In the year 2008-09, the average stamp duty bill was £3,624 or 14% of the average salary at the time (£25,806). In the year 2015-2016, however, the average stamp duty bill was £6,175 or 22% of the average salary (£28,200) .

Gary Lynch, CEO of GS1 UK, commented on the research: “The housing market is such an important part of the UK economy. But while this sector has slowed down, the home improvements sector has been able to take advantage and enjoy substantial growth while offering consumers wider choice to improve their homes.”

This was posted in Bdaily's Members' News section by Property Reporter .