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Home improvement costs up 20 per cent

from "UK Landlord" magazine, July 2008

Home improvement costs have risen by 20 per cent since 2006, according to figures released by the Royal Institution of Chartered Surveyors.

The rising cost of raw materials coupled with a shortage of tradesmen in the UK has contributed to the rise in home improvement prices. For example, the cost of building an average-sized conservatory has risen from between £15,000 and £19,000 two years ago to between £18,500 and £23 ,000, according to RICS.

RICS predicts that these price increases could lead to many homeowners choosing to make improvements now rather than risk a further rise in prices. Joe Martin of RICS's Building Cost Information Service suggested that home improvement is "a wise strategy as home improvements add value to a property and people will be well placed to take advantage of this uplift in value when the market shrugs off its current
slump."