Over eight in 10 (82%) tradespeople have seen an increase in earnings following the most recent UK lockdown beginning in January 2021, according to new research by Direct Line business insurance.
For many, the windfall has been significant, with a third seeing their income rise between 11 and 20%. The financial boost comes as the result of a spike in workloads for tradespeople, with over half seeing a surge in their volume of jobs, according to the research. 14% said their workload had vastly increased, while 40% said that it had risen somewhat.
While many have been hit hard in the pocket by COVID-related economic uncertainty, the average Brit has been able to save £1,803 since March 2020 due to the closure of pubs, restaurants, and non-essential retail, as well as bans on international travel.
Nearly half of those who saved money during the COVID-19 national lockdowns have spent this money on home improvements or maintenance since April 2021. An additional 20% plan to spend on home renovations over the next 12 months, suggesting that there could be further opportunities for tradespeople down the line.
Jane Morgan, SME Business Manager at Direct Line business insurance, said: “The landscape looks positive for tradespeople, with many seeing workloads and earnings increasing. The heightened demand is clearly set to last, so it’s promising to see tradespeople investing in new equipment and hiring new staff so that they can continue to grow."
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