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

Prices have soared due to material shortages and increased labour costs (Picture: Getty)

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.

Do you have a story to share?

Get in touch by emailing [email protected]


MORE : Couple creates stunning DIY bathroom for just £550 – buying things on Gumtree and eBay


MORE : Woman reveals how she saved £2,000 on luxury bathroom renovation


MORE : London home on sale at £200k makes for perfect renovation opportunity – if you can see past the mess inside

Next Post

Kitchens, baths and exterior projects add the most value to your house | Business

Fri Mar 25 , 2022
Christine Bryant Times correspondent For homeowners considering renovations, knowing the areas of the their home where they can get the most bang for their buck can be just as overwhelming as project timelines. While the answer often depends on who you ask, there is some data to back “conventional wisdom” […]

You May Like