One in 10 UK homeowners have had to cancel home renovation jobs due to the rising cost of raw materials

  Posted by: electime      24th June 2022

• The cost of raw materials in the UK is expected to have more than trebled in 2022
• 43 per cent of builders are struggling to hire carpenters and 95 per cent of builders are facing material price rises
• One in four homeowners have to to delay their renovation projects and have had to increase their budget 

New research has revealed the shocking reality of increasing costs of raw materials in the UK.

Research carried out by lighting supplier Ultra LEDs discovered the cost of these materials is expected to have more than trebled in 2022 and these significant supply chain issues will not only affect tradespeople, but homeowners too.

According to the FMB’s State of Trade Survey, nearly one in five housebuilders (19 per cent) reported an increase in their workload, with 95 per cent surveyed saying it was a direct result of the rise in cost of materials. Likewise, a third of builders (32 per cent) reported an increased workload in the repair, maintenance and improvement (RMI) sector.

Conversely, there are increasing concerns about sourcing efficient skilled tradespeople due to the labour shortage. Nearly half of builders are struggling to hire bricklayers and 43 per cent are struggling to hire carpenters, meaning homeowners are waiting much longer for kitchens or bathrooms to be installed.

As 74 per cent of tradespeople stated that they’ve been forced to raise their prices in the past quarter, a survey of 500 UK homeowners commissioned by UltraLEDs revealed that 1 in 10 (11 per cent) have had to cancel home renovations as the tradesperson’s fees have increased.In addition, of those willing to go ahead with their home renovations, 27 per cent disclosed that the materials price increase has delayed their project, while 24 per cent confessed to increasing their budget in order to have their renovations completed.

Matthew Shaw, Head of Sales at Ultra LEDs commented: “Price inflation has also seen consumer prices rise at the fastest pace in 30 years in 2022 as motor fuels, the housing market and household energy costs have soared.”

“These insights have highlighted how this exponential growth is putting undue pressure on tradespeople and it is UK homeowners who will undoubtedly be facing higher bills for renovation or building work.”

Customers are now looking to make savings in certain areas by using things like LED lights which are cheaper to run and last longer. Those who may have had to cancel their renovation are redirecting that capital in small projects such as gardens. We’re seeing a large increase in demand for outdoor LED festoon lights as these offer a much greener,  energy-efficient money-saving alternative to traditional lighting solutions.”

For more information about Ultra LEDs or this research, please contact Senior Account Executive, Lauren Richardson, on 07584623843 or by email lauren.r@marketingsignalspr.com or Digital PR Media Relations Manager, Ysabelle Devereux, on 07787652000, or by email ysabelle@marketingsignalspr.com