Price hike in home improvement costs

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Price hike in home improvement costs

The cost of home improvements has soared by 20 per cent over the past 24 months, according to new figures from the Royal Institution of Chartered Surveyors (Rics).

Its Building Cost Information Service (BCIS) charts the expected average cost of home improvement work and has revealed that roof repairs are 26 per cent more expensive in 2008 compared to 2006.

Joe Martin, the executive director of the BCIS, noted that mortgage holders have "become more creative in meeting their accommodation needs".

"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," he said.

He added that homeowners should "act now" to avoid incurring further costs.

Halifax Mortgages recently discovered that 28 per cent of homeowners are planning to add value to their property this year but conducting some home improvements.ADNFCR-323-ID-18621802-ADNFCR

Related News : Housing market

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