The number of planning applications decided and granted decreased during 2018, after a period of relatively steady and consistent growth. Although a large proportion of householders are …..
….. still choosing to improve their home rather than move, the uncertain economic situation has led many to defer large-scale home improvement projects.
Prior to 2018, the home extensions market grew in line with the improving economic situation, and supported by the trend towards ‘improve, don’t move.’ Other reasons for growth in the market include changing social trends and living arrangements (e.g. the higher percentage of older children living with their parents, more people working from home, etc.) and the preference for more open-plan interiors.
Although the general outlook for the UK economy remains pessimistic owing to the ongoing uncertainties caused by Brexit, modest growth is anticipated in terms of construction output and RMI activity. Output within the residential RMI sector is expected to increase, despite volatility within the private sector. As a percentage of RMI output, the share taken by building extensions is forecast to increase.
The Home Extensions Market Report – GB 2019-2023 is available now and can be ordered here.
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