Many homeowners are now choosing to renovate rather than move

The cost of carrying out UK home improvements has risen by a fifth over the past two years, Royal Institution of Chartered Surveyor data suggests.

Rising transport and material costs, as well as a shortage of tradesmen, have pushed up the bill for repairs and improvements by 20%, Rics says.

Roofing costs have risen by 26% since 2006, plumbing and electric costs by 22% and decorating by 17%.

Rics said people were upgrading and not moving in the present housing climate.

‘More creative’

A basement conversion will now cost an average of 25% more for the work – at about £10,000 – than in 2006.

And the average cost of a loft conversion is up 21% at £17,000.

Joe Martin, executive director of Rics’ building costs service, Bcis, said: “The current downturn in the housing market is forcing some homeowners to become more creative in meeting their accommodation needs.

“Many are choosing to stay put and renovate or extend in order to upgrade their property, rather than taking on more debt in a falling market.

“This can be 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 the current slump.”

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