Renovation jobs such as installing double glazing are costing more than before.
The cost of making home improvements is on the up, new research reveals.
According to the Royal Institution of Chartered Surveyors (Rics), carrying out common domestic upgrades such as loft conversions and double glazing installation has increased in price by 20 per cent since 2006. This is due, the study found, to the rising costs of transport and the raw materials used by tradesmen.
Rics said that performing a basement conversion now costs even more, increasing in price by 25 per cent. Converting a loft, on the other hand, has increased by 21 per cent and adding an extension or conservatory or putting double glazing in has become 22 per cent more expensive. In addition, restoring a wall affected by damp has gone up by 16 per cent, while replacing roof tiles has increased by 17 per cent.
Commenting on the results Joe Martin, the executive director of Rics' Building Cost Information Service, said: "The current downturn in the housing market is forcing some homeowners to become more creative in meeting their accommodation needs - many are choosing to stay put and renovate or extend in order to upgrade their property rather than taking on more debt in a falling market."
He added: "This can be a wise strategy as home improvements add value to a property, and people will be well placed to take advantage of this uplift in value when the market shrugs off the current slump."
