Home improvement costs jump 20%

| June 4, 2008 | 0 Comments
Home improvement costs jump 20%

Homeowners choosing to sit out the credit crisis rather than move house, may be tempted to enhance their prospects of a future sale, or gain the space they need, by investing in some home improvements.

A good rule of thumb for such projects is to expect a trade estimate to be around double what was anticipated, however, the multiple may need to increase because the cost of home improvements has risen substantially in recent months.

According to a survey by the Royal Institution of Chartered Surveys (Rics) raw materials are at record high prices, largely as a result of rising consumption by emerging economies such as China and India.

This combined with increases in transport costs and a shortage of skilled tradesmen has pushed the price of the average UK home improvement up 20% in two years.

Around 500,000 British-based Poles are estimated to have recently left the UK, increasing the cost of labour across a wide range of building trades.

According to Rics, roofing costs have risen by 26%, plumbing and electrical work by 22% and painting by 17%, since 2006.

The Rics provides a Building Costs Information Service that publishes a guide to costing building work.

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