The Halifax house price index has shown UK house prices to continue their post-lockdown recovery, by rising at the fastest pace in 4 years. In September, house prices have grown by 1.6% month-on-month, with the average price reaching a record high of £249,870. This increase is due to a range of factors, including the temporary suspension of stamp duty for some homes in England and Northern Ireland, the desire for more space as people continue to work from home, and the pent-up demand which has been carried over from the lockdown.
Post-lockdown has marked the reopening of construction and home improvement sectors, and as Brits look to house sales during the Stamp Duty holiday until March 2021, these sectors have experienced a particularly rapid recovery.
Now, new nationally representative research from Powered Now, a mobile-based billing, invoicing and quotation application which specialises in trades, has unveiled the sentiment that Britons have towards scaling up their home improvements post-lockdown, suggesting that Brits are looking to make the most of their property, finding as much value as is possible.
18% of Brits are planning to commence home improvements after the COVID-19 lockdown
25% of the population are now looking to use cash less frequently to avoid the spread of infection
71% agreed that despite Coronavirus, they won't postpone home improvement work because of a reluctance to have other people in their house
18% agreed that the threat of a second wave of COVID has influenced them to commence home improvement projects sooner rather than later
Ben Dyer, CEO of Powered Now, has commented on the research and offers insight into what rising house prices mean for the building and constructions sectors:
"The consistent rise in UK house prices in September is a welcome confirmation of the trend we have been experiencing at Powered Now – the home improvement sector is strongly continuing to recover! This is great news. It means that this important sector is doing its part in helping to recover from the economic downturns caused by COVID-19.
The whole industry is still in catch up mode and projects delayed by the lockdown are taking priority. This has helped to spike demand and we expect it to continue in the short term. Our research has very much confirmed that Brits are still eager to have home improvement jobs completed post-lockdown, treating themselves to a little home-based TLC.
As more people are now worrying about a second wave, we can see that from the sentiments established in this research, tradespeople are more motivated to work and are commencing their work on home improvements even sooner. These concerns are also sure to help the sector bounce back even quicker as people will rush to hire a tradesperson for their desired work."