04-03-2008
Builders' Federation predicts home conversion boost in 2008
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
With housing prices showing signs of slowing, tradesmen working in the home conversions sector could see themselves more in demand this year, the Federation of Master Builders (FMB) has forecast.
Homeowners and buy-to-let landlords may choose to beat the market and add value to their homes by having extensions or other improvements built, FMB director of external affairs Brian Berry suggested.
Additionally, he expects the high cost of moving brought about by stamp duty and lawyers' fees could also be a factor.
"We're talking tens of thousands of pounds extra on the value of your property wherever you are, but obviously somewhere with high property values, the return will be greater," he explained.
The FMB, established more than 60 years ago, is the UK building industry's largest trade association.
An upturn in business could be a good opportunity to look at tradesman insurance, while buy-to-let investors would need to reevaluate their landlord's insurance.
