In the United Kingdom, a growing trend among homeowners is opting to enhance their existing properties rather than relocating, as reported by MyBuilder.com’s data.
Approximately one-third (33%) of homeowners are opting to postpone their plans to move, largely influenced by the surge in mortgage rates. Instead, they are choosing to invest in extending, renovating, or enhancing their current residences.
This shift in homeowner behavior is likely to result in an increased demand for skilled professionals in various trades, including plumbers, electricians, builders, and more, in the coming months.
Andy Simms, a representative from MyBuilder.com, pointed out, “Builders, electricians, plumbers, carpenters, and other tradespeople have been in high demand for some time. This new research suggests that the demand for tradespeople in the UK may soon surpass the available supply even further.”
Simms added a word of advice to homeowners contemplating home improvements, urging them to book well in advance to secure the services of their preferred tradespeople. Anticipating a surge in job requests in early 2024, he emphasized the importance of not delaying their plans.
Regionally, this trend is most pronounced in Cardiff (45%), followed by Manchester (38%), Bristol and Belfast (34% each), London (35%), Birmingham (31%), Edinburgh (26%), and Leeds (17%), where homeowners are more inclined to invest in improving their current homes due to the mortgage rate situation.