Home Property Finance & InvestmentMortgages Housing market freezes as a third of homeowners delay moving due rising mortgage costs

Housing market freezes as a third of homeowners delay moving due rising mortgage costs

by LLP Finance Reporter
29th Aug 23 1:46 pm

Homeowners in Britain could face long delays when booking plumbers, electricians, builders, and other tradespeople – as more people delay moving house in favour of improving their existing home.

This is according to brand new data from MyBuilder.com, a platform that helps people find tradespeople. The research found that a third (33 percent) of UK homeowners are delaying moving house due to rising mortgage rates – instead choosing to extend, renovate, or generally improve their existing home.

While this is positive news for tradespeople and builders across the UK, it is likely to cause a spike in demand that will see customers booking months in advance to secure their preferred provider. The UK Trade Skills Index 2023 already shows a concerning shortage in tradespeople – so any rise in demand will only exacerbate the imbalance in supply and demand.

The MyBuilder.com research comes from a larger study looking at UK homeowner habits in light of the rise in cost of living and spiralling mortgage rates. The data suggests that the younger demographic – homeowners aged 18-34 – are the most likely to choose to improve, rather than move, with a staggering 35 percent stating the mortgage rates and cost of living crisis is stopping them moving home.

Regionally, those agreeing that the situation has made them more likely to improve their current home shows Cardiff top at 45 percent, Manchester 38 percent, both Bristol and Belfast 34 percent, London 35 percent, Birmingham 31 percent, Edinburgh 26 percent, with Leeds lowest at 17 percent.

Andy Simms, from MyBuilder.com, said that homeowners must move fast and plan ahead if they want to secure a tradesperson for a job.

“For some time, builders, electricians, plumbers, carpenters, and other tradespeople have been in high demand, and this new research suggests that the demand for tradespeople in the UK could now outstrip supply even more. It’s already not uncommon to hear of waiting lists of a year or more for certain builders, for example, and our data shows the situation is likely to get even worse”

“We’d advise any homeowners considering home improvements to book well in advance to secure their preferred tradesperson. We’re anticipating a larger than ever influx of jobs in early 2024, so don’t delay.”

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