Renovating our homes to create a more modern look or to add additional space can now cost up to 40% more than it did two years ago, according to new analysis.
A survey by Rated People revealed the popularity of refurb projects combined with material shortages and increasing production costs has sent the price of home improvements rocketing since the start of the pandemic.
Homeowners can now expect to pay, on average, 25% more in 2022 for a loft conversion than they would in 2020. Meanwhile, in the same time frame, a typical bathroom refurb has increased in price by 40% compared to 2020, according to the find-a-tradesperson platform.
When it comes to kitchens, one of the most popular home improvement projects, a complete refit including electrics and plumbing would cost 25% more today than before the pandemic.
It’s all due to the rising costs. According to the 2022 Rated People Home Improvement Trends Report 89% of tradespeople said their costs increased in 2021.
Indeed, nearly four out of five tradespeople (78%) put their prices up by 20% or less, and 3% pushed their prices up by 50% or more.
Adrienne Minster, CEO of Rated People, said: “It’s incredible to see how the last two years have influenced the ways we’re improving our homes, but unfortunately the combined effects of Covid and Brexit have meant the vast majority of tradespeople have experienced cost increases, which they now need to pass on to homeowners to remain profitable.
“So many aspects of our lives are now affected by rising prices, so if you’re doing work to your home this year – to ensure you get the best value, it’s now more important than ever to start planning and budgeting as early as possible so you can negotiate a good price and avoid tradespeople being booked up for months in advance.”
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The top 15 home improvements that homeowners want to spend the most money on in 2022 (Source: Rated People)
Building an extension – £18,580 (average homeowner budget for work)
Building an annex – £16,731
Adding an en-suite bathroom – £15,885
New conservatory/orangery – £15,564
Building wall to create separate rooms – £13,977
Creating a home bar – £13,939
Creating a home gym – £12,057
New kitchen – £12,057
New porch – £11,252
Making a room multifunctional – £10,772
Creating outdoor entertaining area – £10,483
New windows throughout – £9,547
Tiling – £7,728
Garden landscaping – £6,622
Painting – £4,743
The top 10 trades increasing their prices in 2022 (Source: Rated People)
Builders – 97% (are upping their prices this year)
Gas/ heating engineers – 91%
Plasterers/ renderers – 89%
Carpenters/ joiners – 89%
Handypeople – 88%
Plumbers – 84%
Roofers – 82%
Gardeners – 81%
Painters/ decorators – 79%
Electricians – 77%
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