Homeowners making improvements instead of moving

Homeowners in Britain are increasingly improving existing homes rather than moving, data from MyBuilder.com shows.

Homeowners in Britain are increasingly improving existing homes rather than moving, data from MyBuilder.com shows.

A third (33%) of homeowners are delaying moving house due to rising mortgage rates – instead choosing to extend, renovate, or generally improve their existing home.

This could mean there will be more demand for plumbers, electricians, builders, and other tradespeople in the months ahead.

Andy Simms from MyBuilder.com said: “For some time, builders, electricians, plumbers, carpenters, and other tradespeople have been in high demand, and this new research suggests that the demand for tradespeople in the UK could now outstrip supply even more.

“It’s already not uncommon to hear of waiting lists of a year or more for certain builders, for example, and our data shows the situation is likely to get even worse

“We’d advise any homeowners considering home improvements to book well in advance to secure their preferred tradesperson. We’re anticipating a larger than ever influx of jobs in early 2024, so don’t delay.”

Regionally, those agreeing that the situation has made them more likely to improve their current home shows Cardiff top at 45%, Manchester 38%, both Bristol and Belfast 34%, London 35%, Birmingham 31%, Edinburgh 26%, with Leeds lowest at 17%.