With rising labour and materials costs, is it now more cost-effective to move rather than renovate your home in Thetford?
It’s the question homeowners have been asking for years: should I move or improve?
Traditionally, the answer was simple — it’s usually cheaper to renovate than to sell up and buy somewhere new. But in today’s climate, that old rule of thumb may no longer hold true.
Times are changing
Scottish property expert Paul Hilton from the listings portal ESPC recently suggested that, thanks to inflation and the lasting effects of Brexit, the old “improve rather than move” advice might no longer stack up.
“The costs of having work done have escalated wildly over the past five years,” he said. “Extensions, loft conversions and other major renovations now cost tens of thousands more than they used to.”
He’s not wrong. The numbers tell a similar story.
Rising cost of materials and labour
While inflation has eased since the highs of 2022, homeowners are still feeling its impact. According to government data, materials like pipes and fittings rose by 17.6% in just 12 months, while bricks and tiles went up by around 6%.*
And it’s not just materials. Labour costs have jumped sharply, too. Between July and September 2024, electricians’ rates rose by 9.1%, locksmiths by 7%, and roofers by 4.9%.**
Overall, average building costs climbed by 19% in the last quarter alone.*** The average building job increased from £10,626 to £12,634, while new kitchens rose by 12% and plastering costs by 16%.
For anyone planning extensive refurbishments, these hikes can quickly turn a modest project into a serious financial commitment.
Making the right choice
Ultimately, deciding whether to move or improve comes down to more than just numbers. It’s worth speaking with local property experts in Thetford to understand how much value certain renovations might add – and what homes you could buy for the same investment.
You’ll also want to consider lifestyle factors: can you handle months of dust and disruption, or would you rather start fresh somewhere new?
If you’d like an honest conversation about your options, we’re here to help. Call us for a free, no-obligation chat about the local market and what your home might be worth.
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Building Materials and Components Statistics, Dept for Business and Trade, Oct 2024.
*Trade Costs Index, HaMuch, 2024.
**Checkatrade Home Improvement Index.
Article by Andrew Overman | Partner | Location Location East
