The UK economy is missing out on £10 billion each year because home owners are so fearful of hiring a cowboy builder, they simply don’t commission building work, according to new research by the Federation of Master Builders (FMB).
The research also showed that one third of home owners are put off doing major home improvement works requiring a builder because they fear hiring a dodgy builder.If all home owners had full confidence in the building industry, they would typically spend an average of £40,000 on major home improvement projects over the next five years.
Brian Berry, Chief Executive of the FMB, said: “A third of home owners are so anxious about the possibility of choosing a bad builder, they don’t commission any building work whatsoever. This means that the UK economy could be missing out on £10 billion of activity every year. Indeed, the FMB’s latest research shows that on average, your typical home owner would spend £40,000 on major home improvement projects over the next five years if they could be guaranteed a positive experience. If we were able to unlock this pent-up demand from fearful consumers, the benefit to jobs and growth would be enormous. Last year the UK experienced its slowest growth since 2012 with a rise in GDP of just 1.8 per cent. With Brexit just around the corner, it’s therefore vital that the Government pulls as many leavers as possible to turbo-charge the economy and protect it from any potential economic wobbles.”