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Even The DIY Market Is Seeing Large Price Rises!

While the property market in the UK continues to fall, more and more home owners seem to be looking towards the DIY market. However, the signs are that even this area of the economy is experiencing high inflation with prices moving higher. A report by the Royal Institution of Chartered Surveyors has revealed details of price rises over the last couple of years, which have pushed the cost of home improvements up by an average 20%.

The sector seems to be suffering from a lack of skilled tradesmen and ever increasing demand which is leading to substantial price rises. There is a serous imbalance in the supply and demand figures for the sector, a legacy of falling apprenticeships and fewer tradesmen in the UK.

Looking at the various sectors of the DIY market roofing costs have risen by 26%, plumbing and electric costs by 22% and decorating by a slightly below average 17%, although these rises have all kicked in since 2006. As the property market dries up there is a worry that more people will look to decorate or develop their homes, something which could lead to yet further pricing pressure on the upside.

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