Renovations sector ‘has bottomed out’

Home-RenovationIt seems the home improvement industry is finally recovering from the global financial crisis, according to one expert.

Jason Orme, editor of Homebuilding and Renovating, said “all of the evidence” indicates that the market has bottomed out and is “now moving up”.

Developments to upgrade people’s property have been “relatively strong” and, although there is a lack of enthusiasm about the short-term future of the sector, the wider industry is “picking up slowly, rather than decreasing further”, he explained.

Furthermore, it will survive in the long term as families grow and requirements change, with renovations “something that people eventually feel they have to do”, Mr Orme continued.

That is “the beauty of the home improvement industry”, the expert asserted, noting that construction projects may be delayed temporarily but will eventually have to commence.

However, data from the latest IMRG/Hitwise Hot Shops List found major DIY retailers have fallen from its analysis of the top rankings of stores.

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One thought on “Renovations sector ‘has bottomed out’

  1. We have noticed an marked increase in enquires related to house extensions. Part of the reason is because of the general malaise in the housing market. There is no point in trying to sell your house and move if there in effect no real market due to lack of liquidity. Why sit around in the hope of selling?

    Also, we are finding that a substantial proportion of this work is to accommodate older children who cannot afford to rent or purchase a house of their own. I believe this is an indication of severe housing problems ahead.

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