Surge in Homeowners Choosing to Improve Current Residences Instead of Moving

Recent data from 1newhomes underscores a significant and growing trend among British homeowners: an increasing preference for enhancing their existing homes over the traditional relocation path.

Within the UK, a rising number of homeowners are directing their investments towards improving their current properties as opposed to embarking on the conventional journey of purchasing new ones, as indicated by the latest statistics.

This shift in behaviour is caused by the escalating mortgage rates, with approximately one-third of homeowners opting to postpone their plans of moving house. Instead, they are choosing to embark on endeavours such as: 

• extensions, 
• renovations, 
• overall enhancements to their current abodes.

This substantial shift in homeowner behaviour extends across various regions. Here's a table summarizing the data regarding the percentage of respondents agreeing to improve their current homes in different cities:

This change in homeowner preferences is poised to create a substantial surge in demand for multiple skilled professionals, including plumbers, electricians, builders, and other tradespeople, in the upcoming months.

Within this noteworthy trend, constructors, electricians, plumbers, carpenters, and other tradespeople have been in consistently high demand for some time. However, the latest research suggests that the demand for their services in the UK may soon surpass the available supply to a greater extent. 

"It's increasingly common to encounter waitlists of a year or more for specific builder services, and our data strongly indicates that this situation is poised to exacerbate." 

We strongly advise homeowners contemplating home improvements to plan their renovations. It will help to secure their preferred tradesperson. We anticipate a substantial surge in job requests in early 2024, making it prudent not to delay.