75% of builders occupied with renovations

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by Kay Murchie

The Federation of Master Builders (FMB) has announced that increasing property prices has resulted in homeowners renovating and extending their properties as they cannot afford the costs involved with moving.

Rising interest rates and increasing stamp duty has meant that three quarters of builders are involved with extension or renovation work according to the FMB.

A spokesperson for the FMB said there is currently a lack of plasterers, carpenters and bricklayers so there is very strong demand for them and their skills.

The FMB added that this is a sign that although the property market is slowing, the demand for builders is increasing.

The spokesperson concluded that the majority of people are unable to move due to the rising property prices and other costs that go with it. The FMB is finding that people are looking into alternatives such as renovating and extending their homes. Consequently, it’s creating a lot of work for the building industry.