Market for Contractors Grows As Young People Can No Longer Afford to Buy First Homes

Industry Insight July 4th, 2014
Market for Contractors Grows As Young People Can No Longer Afford to Buy First Homes

As the concept of buying a first home and getting onto the property ladder becomes more and more foreign to young people, households are looking to make more space and extend their homes to make room for adult children moving back home.

The enormous cost of buying a home has meant that for a lot of young people, starting out on the property market is no longer an option. The stricter mortgage framework and rising property prices has led to a lot of young professionals moving back into their family home.

Karelia Scott-Daniels of Manse & Garret Property Search says, “We have seen a big increase in this sort of thing. We find couples in their late 40s and 50s already anticipating the need to house one or more professional children”.

And whilst this might not be good news for parents, it’s a good market opportunity for contractors looking for work. Many families are creating extra space in their homes by means of home improvements and there are a variety of different ways in which households are doing this.

In order to make space and allow for independent living for all residents, many households are looking to convert their lofts, basements or annexes. Larger conversions are becoming particularly appealing as they create whole new living spaces for their children who are now looking for their own personal space.

Michael Holmes, from the Homebuilding and Renovating Show said, “Most properties have the potential to be enlarged by adding or removing partition walls between existing rooms to make better use of the space you already have. Remodelling can make your home seem much larger, especially if you open up the space and create open-plan, multi-function rooms that make the most of natural light”.

So if you’re a contractor and would like to be put in touch with a wider network of clients, find out how Arthur can increase your business opportunities and transform the way you manage your work.

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