Up to £6 billion in projected works are planned annually over the next three years, according to a new study from the Federation of Master Builders (FMB).
The study revealed that more than 1 million homeowners are looking to build extra space to accommodate grown-up children who can’t afford to leave home. Families up and down the country are also seeking to be more creative with the space in their property, with one in five homeowners investing because of a ‘property plateau’ that sees them unable to afford to move into a bigger property, despite having a growing family.
Almost 40% of home improvements are set to be major refurbishments, including new kitchens, new bathrooms and home extensions, while smaller works such as loft conversions and conservatories account for 38%. Homeowners are putting families first, as wider motivations to invest in their property include planning for having a family and parents wishing to boost their children’s future inheritance.
The study also showed that:
Brian Berry, chief executive of the FMB, said: “FMB's ‘Find a Builder’ matching service is a simple online tool to ensure homeowners have absolute confidence when choosing a builder. Our members have a minimum of 12 months’ trading history and have passed credit checks, public record and director checks, and all new members must be inspected while a job is in progress before they can join us.”
He added: “All our members have also signed up to our stringent Code of Practice and have agreed to abide by our dispute resolution and complaints procedure, including independent adjudication through the Royal Institution of Chartered Surveyors (RICS). Our builders can offer warranties on their work and all of our members are eligible to join the government-endorsed TrustMark scheme for tradespeople.”