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.
Share this..
Related stories
Does Your Credit Card Offer Protection On Purchases
With news that more and more UK companies are hitting financial trouble the subject of credit card purchase protection has moved very much to the fore. Many credit card holders will not be aware that some cards offer purchase protection for loss, theft or accidental damage on new purchases - lasting up to 90 days after the transaction. This offers an interesting option for those who purchase ove...
Read MoreAre US banking reforms purely cosmetic?
John Varley, the chief executive of Barclays bank, today suggested that Pres Obama's plans to reduce risk in the financial sector would not prevent another financial crisis in the future. This comes at a time when yet again the worldwide banking sector is under pressure and under attack from various governments and authorities around the world. Indeed Pres Obama recently suggested a bank levy to i...
Read MoreHave Mortgage Rates Peaked?
News that Halifax and Bank of Scotland, part of the HBOS group, have cut their mortgage rates for new customers by 0.3% and 0.45% respectively has been well received by the markets. This comes on the back of a similar move by Northern Rock and rumours of further cuts to come in the sector. The combined moves of late, which have seen the HBOS group reduce rates 3 times in June alone, has prompted...
Read MoreStudent Loan Company under pressure
The government is today under significant pressure regarding the Student Loan Company with expectations that applications will number twice that of last year and the system will be unable to cope with his excessive demand. The government has already sent in PricewaterhouseCoopers to audit the company amid claims that the government was warned 12 months ago of the impending fiasco and has done very...
Read MoreCitigroup shares plunge as board ponders future
Shares in Citigroup ended the day 18% lower after the announcement of an emergency board meeting to discuss the future of the group. The shares have more than halved in value this week as the troubles on the global stock market continue to weigh heavily on the US giant. Despite suggesting that the group still has a strong capital base and liquidity position it is understood that the board is consi...
Read More