The latest Federation of Master Builders (FMB) State of the Trade report shows strong demand for major home improvements, creating significant opportunities across the construction supply chain.
The latest State of the Trade report shows that the three most common projects its members are undertaking are renovations (70%), home improvements (70%) and major works (65%). In addition, according to the latest Homebuilding & Renovating show survey, homeowners are willing to invest an average project spend of £151,000 in their properties rather than moving, and renovation projects are dominating the workloads of builders and their trades.
The FMB estimates that the combination of a six-figure average project spend and high levels of renovation activity paints a picture of homeowners taking a long-term approach to their properties. Householders are investing in the creation of additional spaces, ranging from living rooms and offices to gyms and bedrooms, modernising layouts, no matter the age of the property, and future-proofing homes through refurbishment programmes or the installation of sustainable technology such as HVAC systems and heat pumps.
The three most common types of projects undertaken by FMB members show a market focused on transformational work rather than cosmetic improvements. For builders, tradespeople, merchants, manufacturers and suppliers, these figures represent encouraging news because high-value projects typically generate demand across multiple trades and product categories, which, in turn, lead to opportunities throughout the supply chain.
Nick Noble, Commercial & Events Director at Future PLC, commented: "UK homeowners' appetite for renovation shows no sign of slowing as we are seeing that the average project value is £151,000, and this significant investment in their properties creates a strong demand across the construction sector."
