Home Renovation and Improvement projects: The Time is Now

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The question always remains the same... Is now a good time to carry out your home improvement project?

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The costs of construction have risen significantly over the past 3 years, triggered by Covid and then the Russia-Ukraine war causing energy price rises, but is this now finally levelling out? Statistics reveal that Building materials prices were 25% higher in 2022 than they were in 2021, which is over 50% higher than they were in 2015 which is clearly very off-putting for anyone wishing to take on their own construction project. Domestic improvements and in particular house extension projects have visibly slowed since the interest rate rises over the past 6 months, with people thinking carefully about how to use their savings and the cost of borrowing rising. This has been reflected in the rate of enquiries to Architect’s practices, but the signs are that material prices are levelling and labour prices remain similar as builders seek work for the coming months. 

Industry insiders have confirmed that as house-builders hold back on making starts on new phases, the manufacturers who need to keep producing are starting to do deals, and if you have the cash for instance, and some space to store, there are some great deals on bricks and blocks from manufacturers who cannot close down their kilns, but need to keep moving stock. 

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Recent tenders received on some large domestic projects by Matthew Montague Architects indicate that prices are probably around 20% higher than 2020, yet builders were keen to price and prices were competitive, so there is a hunger for work out there. Builders are saying that they are very busy pricing but need clients to push on and place orders, and suppliers and sub-contractors such as plasterers and brick-layers are now calling on a daily basis trying to keep busy, so there is a hunger out there which must be to the benefit of the buyer. 

Our advice would be to press on with getting detailed drawings and prices from builders, the waiting time may well be less than you think, and prices surprisingly competitive, after a long period of inflation and uncertainty, now it appears is suddenly a good time to build again.

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