A new report from MyBuilder.com indicates a significant shift in UK homeowner behaviour, as 33% are postponing moving house due to surging mortgage rates and instead are opting to improve their existing homes.
This trend is expected to lead to longer wait times for tradespeople services, with shortages already indicated in the UK Trade Skills Index 2023.
The MyBuilder.com study, part of broader research examining UK homeowner habits amid rising costs of living and mortgage rates, highlights that younger homeowners between 18-34 are particularly affected. A remarkable 35% from this demographic cited the cost of living and high mortgage rates as key factors deterring them from moving home.
The geographic breakdown shows varying levels of impact, with Cardiff leading at 45% of homeowners likely to improve rather than move, followed by Manchester at 38%, Bristol and Belfast at 34%, London at 35%, Birmingham at 31%, Edinburgh at 26%, and Leeds at the low end with 17%.
Andy Simms of MyBuilder.com warns that this uptick in home improvements comes at a time when tradespeople—builders, electricians, plumbers, and carpenters—are already in high demand. “It’s not uncommon to hear of waiting lists of a year or more for certain builders. Our data shows the situation is likely to get even worse,” Simms notes.
To cope with the spike in demand and the pre-existing shortage of skilled tradespeople, MyBuilder.com advises homeowners to book services well in advance. “We’re anticipating a larger than ever influx of jobs in early 2024. Homeowners should plan ahead or risk missing out,” Simms added.
