BREXIT CONFUSION SNUBBED BY HOME IMPROVEMENT COMPANIES OFFERING CHEAP UPDATES
The UK property market has fallen flat suffering from Brexit confusion with fewer homes entering the market in the last quarter of 2018. This is causing bottlenecks in sales as mortgage companies report 10% less mortgages being issued in 2018. With price confusion and broken property chains home owners are going back to renovations choosing to improve their homes rather than move during current uncertainty.
As reported by retailers throughout the Christmas period, shoppers are becoming more frugal, choosing to wait for price competition and sales rather than overspend. The same is being seen in home improvement sectors with low cost improvements being favoured by home owners. MOney is beginning to flow back into property without selling or moving.
“We are seeing an increase in customers requesting lower cost cheap products” reports Neil Mansfield from Cheap Shutters. “With our customers we still offer longer guarantees of up to five years, yet the prices are coming down in the quotes we send out” he continues. There’s no telling when property markets will return to normal with the Bank of England’s own Mark Carney quoting financial modellingworking with up to 30% reductions in current property values.
Despite these troubles and currency issues for foreign manufacture with GBP down around 20% verses most global currencies, home improvement companies are looking to keep their prices low during this time of uncertainty as shoppers conduct more research to get the best deals. “Our customers expect quality at low prices” Neil adds before finishing with figures showing how his company has increased turnover despite Brexit woes. Their biggest concern currently is finding skilled craftsmen to add to their team as the opportunity to expand the company nears.
Skills shortages in construction is one of the biggest fears for home builders according to the FMB. All trades are in short supply with plumbers, electricians and plasters among the most sort after trades people at this time. This skills shortage is thought to be a combination of less newly qualified tradespeople not coming through education, coupled with less European migrants coming into the UK for employment. According to ONS November figures, non EU migration into the UK far outweighed EU workers entering the country in 2018 with the lowest number of EU migrants entering since 2012. This presents a major hurdle for many industries with home improvement and property markets being notably affected.
With continued growing confusion from government and Brexit deadlines looming an home owners considering improvements are sure to get multiple quotes for any potential jobs. Scrutinising these and picking the best deals is the forecast for 2019 as property is improved irrespective of market conditions
For more info visit:
Author : Emily Fitzgibbons
Editor at The Glossy Magazine | Journalist & Office Manager at Salutions Limited