British homeowners looking to DIY but costs on the up

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by Kay Murchie

According to a report by the Royal Institution of Chartered Surveyors (Rics), more British homeowners are looking to make improvements to their home.

Recent reports have shown that property prices are falling, consequently current homeowners are not moving but are choosing to renovate their homes.

However, Rics has established that the cost of carrying out UK home improvements has increased by 20% over the last 2 years.

A lack of tradesmen, rising transport and material costs has meant that DIY costs are on the up.

Since 2006, roofing, plumbing/electric and decorating costs have risen by 26%, 22% and 17% respectively.

Furthermore, the average cost of a loft conversion is up 21% while a cellar conversion now costs an average of 25% more than it did in 2006.

The current downturn in the housing market is forcing some homeowners to become more creative in meeting their accommodation needs, according to Joe Martin, executive director of Rics’ Building Cost Information Service.

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, added Mr Martin.

Home improvements can be a wise strategy as they add value to a property. People will be well placed to take advantage of this uplift in value when the market shrugs off the current slump, concluded Mr Martin.