Home renovation prices are now 40% higher than two years ago

Home renovation prices are now 40% higher than two years ago

We’re always looking for ways to make improvements to our homes.

And this desire has only grown since lockdown – when we were spending so much time between the same four walls.

In fact, the demand for home improvement has gone up by 50% in just two years, as homeowners look to adapt their properties by creating home gyms, home offices and open-plan spaces for flexible living.

To meet these requests, the demand for tradespeople increased by a massive 32% last year – according to research from Rated People.

However, a new report has shed light on just how much these home improvement projects are now costing homeowners.

New data says refurbishment projects are costing 40% more than they did two years ago.

Since the start of the pandemic, the price of a complete bathroom overhaul has increased by 40%, while loft conversions and kitchen renovations have both gone up by 25%, on average.

These rising costs are down to a number of factors – including materials shortages and the fact that tradespeople are putting prices up. Research says nearly four out of five tradespeople (78%) have increased prices by 20% or less, and 3% pushed these up by 50% or more.

And it seems prices are on the rise – not matter what type of project.

This year, it’s expected that labour and material costs for a bathroom renovation will come to around £5,726 – which is 22% higher than last year, and 40% more than 2020.

A loft conversion will be 25% higher than 2020 – which is another £7,000 for homeowners to fork out.

Likewise, a complete kitchen renovation now costs roughly £1,500 more than it did two years ago – a 25% increase.

In addition to this, the average price for an extension has increased by 9% in 2022 compared to 2021, and by 23% when looking back to the start of the pandemic in 2020.

So homeowners now need to dish out almost £7,000 more for an extension – compared to pre-pandemic prices.

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