Home improvement costs up by 20%
RICS / BCIS Property Makeover Price Guide 2008

The rising costs of transport and raw materials and a shortage of tradesmen is pushing up the costs of home improvements, according to new figures by RICS’ Building Cost Information Service (BCIS).

BCIS’ updated Property Makeover Price Guide, launched today (03 June 2008), gives homeowners an accurate guide to what they should expect to pay for home improvements. It has found the average cost of improvement work has risen by 20 percent over the past two years for a number of reasons.

No longer can homeowners pick and choose from the glut of quality EU tradesmen as the number of central and eastern European nationals returning to their native countries is on the rise.  With half of the estimated one million British based Poles having already left the UK, competition for labour is pushing up costs.

The upward trend in oil prices is continuing to fuel the rising cost of transport, with forecasters predicting oil to rise to $200 US (£100) per barrel in the next few years, some experts are predicting this to have more impact on economies than the current credit crunch crisis.

Global demand for raw materials remains at an all time high, with emerging giants such as China and India showing no signs of a slowdown, commodity prices will remain high for years to come.  This is no more evident than in the various trades where the cost of materials have pushed up the overall costs. For example, roofing costs have risen by 26%, plumbing and electric work by 22% and painting has risen by 17%, all outstripping inflation over the past two years.
 

 The guide also allows readers to adjust the figures for their particular location. For example, a 3x3 single storey extension will cost approximately £23,940 in Greater London; in comparison it would cost £19,320 in the North West.

BCIS Executive Director, Joe Martin, 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. 

"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.  Given that the cost of home improvements rose by 20 percent over the past 2 years compared with only eight percent in average wage growth, many homeowners are opting to act now rather than paying more further down the track.  

"Carrying out any type of repair or renovation work on a property can be costly; trying to work out what is a fair price to pay can be equally difficult. The guide not only provides advice on prices but also on the dos and don’ts of employing a contractor and organising building work, planning permission and building regulations.

The book is an essential guide to help homeowners and is packed with useful costs and advice about how to budget for repair, improvement; alterations and extension work; clearly setting out what they should expect to pay for over 1,300 different types of work to their home. It covers everything from inspecting blocked drains to fixing window panes, from replacing chimney pots to doing a loft conversion. 

Examples:
1. Repairing windows in poor decorative order (both sides of an average window  size from 600 x 900mm to 1500 x 1200mm)1
 Was £75 - £280
 Now £88 - £330   17% rise

2. Realign PVCu gutters
 Was £340 - £1260
 Now £430 - £1590 26% rise

3. Restoring a wall affected by damp penetrating through an external wall and  plaster wall2
 Was £72 - £115  ( area 1 to 5m2)
 Now £83 - £135 16% rise

4. Replacing cracked brickwork  using scaffolding (2m length of crack at a high  level)3  

Was £205 - £330     Now £240 - £380      16% rise

5. Resecure roof tiles/slates
 1 tile was £220 now £280
 6 tiles was £245 now £310  up to 17% rise

6. 6X5 Loft Conversion with 2 Velux windows4
 Was from £14000
 Now from £17000 21% rise

7. Adding double glazing
 (PVCu sash window – approximate window size 600x900mm – 1200x1200mm)
 Was £850 -£1,580 
 Now £1,040 - £1,930     22% rise

8. 4X4 single story house extension  with one window
 Was £18500 - £23000
 Now £22500 - £28000   22% rise

9. Basement conversions ( Floor size 3x5m)5
 Was £8000 
 Now £10000 25% rise

10. Adding a 4x4 conservatory6
 Was £15000 - £19000
 Now £18500 - £23000 22% rise
Ends

1 The cost equates to burning off paint, prepare and paint one coat knotting and primer, two undercoats, one finishing coat oil paint.

2 Applying one coat exterior waterproof compound to brickwork, concrete, rendered surfaces.

3 Cut out brickwork and replace with new brickwork at high level requiring scaffolding.

4 Comprising clearing loft, relocating existing tanks, insulation, softwood framing and  plasterboard   to walls, insulation and plasterboard to ceiling, softwood floor, new straight flight staircase, new electrics and heating, bathroom fittings, openings in roof for windows including new Velux windows.

5  Replace door, frame and staircase, plaster and paint walls and ceilings, screed floor, install skirting and decorate and also including tanking to walls and flooring.

6 Including forming an opening in an existing cavity wall and the addition of new glazed doors and radiator.

The Property Makeover Price Guide: Organising and Budgeting for Home Improvers & Developers, 2nd edition is priced £17.99 and can be ordered online at www.bcis.co.uk or by calling T +44 (0)870 333 1600 (select option 2 for BCIS sales and quote item code 17381). Also available in all good bookshops. Publication date: May 2008. ISBN: 978 1 904829 80 5

The Property Makeover Guide has been endorsed by TV Property Expert, Phil Spencer

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RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 140,000 members globally and represents, regulates and promotes the work of property professionals throughout 146 countries. RICS is governed by a Royal Charter approved by Parliament which requires it to act in the public interest. It is also a professional regulatory body approved by Government (HM Treasury).

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