The cost of home building has skyrocketed, with some projects seeing price hikes of up to 25%. A trusted platform reveals surprising insights into the least reliable trades and a hidden issue affecting homeowners.
Household Building Costs Soar 19% in Last Quarter—The Hidden Factor Behind Skyrocketing Prices
By Chourouk Derkaoui
Published on 15 November 2024 18:45
The latest UK Home Improvement Index from Checkatrade shows that the average job cost for residential building work in the UK increased by almost 20% in the last quarter, from £10,626 to £12,634. The construction industry is nevertheless impacted by growing labor and material prices, which the report attributes to this notable increase.
Steep Price Hikes Across Key Trades
The data, compiled from over 10.5 million jobs conducted by UK tradespeople, highlights substantial price hikes across various tasks:
- Kitchen fittings: Up 12%, averaging £7,376.
- Insulation installation: Up 20%, now costing £4,634.
- Plastering: Up 16%, reaching £2,343.
- Gardening jobs: Up 10%, with an average cost of £679.
Even routine jobs have not escaped the surge. The average cost of a handyman job has risen by 25% to £563.
Consumer Demand Remains Strong Despite Rising Costs
The demand from customers remained strong despite significant price increases. In fact, the number of requests for building work rose by 1% between the first and third quarters of this year. The perseverance of homeowners in making changes to their homes despite rising costs is reflected in this resilience.
Additionally, Checkatrade was concerned about the high rate of dishonest tradespeople in the sector. Roofers were found to be the most unreliable trade, with 16% of applicants having their applications rejected on the site. Terrace and driveway builders came second, with a rejection rate of 15%.
To combat these issues, Checkatrade has introduced enhanced vetting requirements for roofers, demanding proof of at least six months of incorporation and trading history. The move is aimed at providing consumers with greater confidence in the professionals they hire.
Consumer Protection and Trusted Trader Guidelines
Amid rising costs and industry challenges, Checkatrade has welcomed new guidelines from the Competition and Markets Authority aimed at improving consumer protection. These guidelines focus on stricter verification processes for platforms hosting ‘trusted trader’ services.
Jambu Palaniappan, CEO of Checkatrade, commented on the findings: “Prices have risen 6% across all jobs, but this quarter’s standout finding is the dramatic increase in the average cost of building work, which has seen a 19% surge in average prices. This is significant and reflects the ongoing increases in the cost of labour and materials.”
He further emphasized the challenges posed by rogue tradespeople, particularly in the roofing sector, and outlined Checkatrade's commitment to improving consumer protection through proactive vetting processes.