Checkatrade’s Q4 Job Price Index
Our new Job Price Index explores how the price of home improvement is changing, based on the prices paid by over 120,500 Checkatrade customers.
During Q4, prices paid were up 1.4% – and the average cost of home improvement rose by 23.3% vs. the previous year. The good news for tradespeople is that the rising cost of home improvement has seemingly not dampened appetites for home improvements – with an increase in searches for tradespeople this quarter.
Mike Fairman, CEO at Checkatrade, said:
“It’s been an extraordinarily turbulent few years for homeowners and trades alike, as the pandemic, Brexit and global unrest have contributed to a difficult and uncertain landscape, with factors like rising labour costs and the ongoing raw materials shortage having a huge impact on the home improvement sector.
From what we’re seeing across the industry, overall demand for work remains strong, with a staggering 23.3% increase in searches for tradespeople on Checkatrade this last quarter. However, we are starting to see signs that homeowners may be pressing pause on some key cosmetic home changes – for instance, kitchen and bathroom makeovers, suggesting a change in priorities as inflation and the cost of living starts to bite.
There’s no sign of the current price hikes abating anytime soon, suggesting challenging times ahead. However, after the last year, it’s anyone’s guess as to exactly what the next few months might hold.”
Download our latest Index to find out more.UK Job Price Index - Q4