Since the pandemic hit, the appetite for home improvement has risen dramatically. Due to Brexit, Covid, and this renovation fever taking over the UK, prices have also skyrocketed.
According to Rated People, bathroom renovations will be 40% more expensive this year than they were back in the 'Before Times' of 2020. Loft conversion costs and the cost of a new kitchen have also both gone up by an average of 25%.
'It’s incredible to see how the last two years have influenced the ways we’re improving our homes,' begins Adrienne Minster, CEO of Rated People. 'But unfortunately, the combined effects of Covid and Brexit have meant the vast majority of tradespeople have experienced cost increases, which they need to pass on to homeowners to remain profitable.
Adrienne comments that various aspects of our lives are now affected by rising prices. So whether you're planning a bathroom or having a kitchen extension, it's crucial to start planning and budgeting as early as possible.
Starting early will mean you can negotiate the best price and avoid a situation where you're waiting months and months for tradespeople to become available. While you wait, why not research how to renovate on a budget?
So when the time comes, you know exactly what you want to be done.
Bathroom renovation costs
Materials shortages, increased demand, Covid challenges, and increasing production costs are key factors driving price rises up. For example, labour and material costs for a bathroom renovation are expected to be around £5,726 on average this year.
This is 22% higher than in 2021 and a huge 40% more than in 2020.
Loft conversion costs
For a loft conversion, homeowners will have to pay 25% more. That's an extra £7,000 for the same job this year compared to 2020.
The majority (82%) of UK tradespeople are increasing their prices this year. Jobs that require builders, heating engineers, and plasterers will be most affected by rising prices, says Rated People.
We asked PriceYourJob’s Property and Construction expert, Gregory Smith for a comment, and he said that almost all materials and tools have increased in price since 2019 and this is only set to increase in the coming weeks (from 1st April). 'The most affected materials have been housebuilding and domestic repair materials, such as cement, timber, insulation, and roofing products, with the average increase being 10-15%,' says Gregory.'
'Timber, however, has seen a huge increase, costing at least 50% more than in 2019,' he says.
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Millie Hurst was Senior Content Editor at Ideal Home from 2020-2022, and is now Section Editor at Homes & Gardens. Before stepping into the world of interiors, she worked as a Senior SEO Editor for News UK in both London and New York. You can usually find her looking up trending terms and finding real-life budget makeovers our readers love. Millie came up with the website's daily dupes article which gives readers ways to curate a stylish home for less.
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