Home Improvement Work Is Impacting Housing Market

At Hunters West Hampstead, we know many people are looking to move as quickly as possible to take advantage of the stamp duty holiday.

However, we also know many homeowners are taking a longer-term approach to selling their house. This can be seen in the volume of home improvement work which is being undertaken right now.

Building work is transforming homes

Builders have said their have experienced a 47% increase in their workload over the summer of 2020. Also, there has been an increase of 20% for online planning applications.

The Chief Executive of the Federation of Master Builders, Brian Berry, said; “Builders’ workloads bounced back in the summer, as pent-up demand for home upgrades and more domestic space fuelled activity. However, builders in other sectors are struggling, especially those working on social new-build housing and on public buildings. To sustain recovery in the private repair, maintenance and improvement sector a national energy efficiency retrofit strategy is needed that will not only generate thousands of new jobs across the country but also help the government’s commitment to create a greener economy.”

Berry also said; “Expected increases in material prices are a concern as builders have been reporting skyrocketing prices for years now. As we lead up to Brexit, we need to ensure that the supply chain is in step and that builders can access the materials they need.”

ParcelHero’s Head of Consumer Research, David Jinks MILT, says DIY activity was crucial in helping the retail sector post reasonable figures. He said; “August saw a burst of DIY fever, created because people stuck at home for months realised all the jobs that needed doing as soon as lockdown eased. Hardware, paint and glass stores’ sales were up 12.9% compared to the pre-Covid levels of February.”

Homeowners should look to add value

Information provided by Dataloft suggests 23% of home improvements are carried out with the intention of adding value to the property.

It is believed the average figure spent on property improvements in recent years has been £48 billion. It is expected the 2020 figure will be considerably higher.

The top five most common home improvement projects during 2020, according to a recent study, are:

·         House extensions, cited by 74% of respondents

·         Porches, said by 9% of respondents

·         Loft conversions, listed by 7% of respondents

·         Conservatories, also said by 7% of respondents

·         Out-buildings, named by 3% of respondents

The co-founder of garden shed manufacturer, Jack Sutcliffe from Power Sheds, said; “The demand for home and garden products since lockdown has been incredible. With people spending the summer at home rather than on holiday, it seems everyone wants to do their garden.”

It should also be highlighted many people need home office space. With remote working set to become common for some time to common, many home improvement projects are focused on creating more space at home.

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.