ONLINETRADESMEN.COM 2009 HOME IMPROVEMENT INDEX REVEALS VALUE FOR CONSUMERS
· 59% average cost reduction per home improvement project since 2007
· 52% drop in building costs for extensions since 2007
15 Sept 2009: Onlinetradesmen.com today released its home improvement index for 2009. The index shows that consumers are now spending an average 59% less per home improvement project in 2009 compared to 2007.
Overall, the index shows Irish consumers are benefitting from significant reductions in tradesmen’s prices for home improvement projects as well as revealing current sector trends. The index has been compiled from data obtained from over 200,000 home improvement projects submitted on the Onlinetradesmen.com service since 2005.
Figures show that the average spend per home improvement project in 2009 is now just €5,659 (including extensions), down from a high of €14,044 per project in 2007. This reduction is driven mainly by a drop in tradesmen’s prices as well as a trend towards smaller home improvement projects and the lack of bank lending.
Current trends highlighted in the index reveal that bathrooms are the most popular category for sizeable remodelling projects in 2009. It reveals that the nationwide average extension size now 39 Sq M / 415 Sq Ft. The index shows that the average building cost is now €82.50 per square foot down from €171 per square foot in 2007. There is a large difference in building costs between rural areas and urban centres such as Dublin.
The index shows that plumbers have reduced their costs in 2009 with the nationwide average hourly call out rate now just under €60, down from a high of €109 in 2007. Electricians have also reduced their costs significantly. Prices again vary between urban and rural areas.
The index also reveals a year-on-year 64% increase in consumers undertaking home improvement projects through Onlinetradesmen.com in 2009.
“These figures reveal that there is great value for consumers in undertaking home improvement projects at present” comments Ted Laverty, Managing Director of Onlinetradesmen. “Tradesmen have responded to the recession by cutting their prices. Our index confirms that the majority of tradesmen have adjusted their pricing significantly and are now working off low margins. While this is good news for property owners it comes with a word of warning – there are still a great number of unqualified cowboy tradesmen advertising their services on websites and in directories. It is important that consumers ensure that the tradesmen they hire are fully qualified for the job at hand and do not make a decision based upon price alone. The Onlinetradesmen.com service is the only online service to ensure all its tradesmen are accredited and qualified.”
Summary Index Findings:
The following are some of the key findings of the Onlinetradesmen.com 2009 home improvement index:
· €5,659 – The average spend per home improvement project in 2009
· - 59% – The average cost reduction per home improvement project since 2007
· - 52% – The drop in building costs for extensions since 2007
- +21% –The average premium paid for projects in Dublin compared to rural areas
· +64% year-on-year increase in home improvement projects on Onlinetradesmen.com
Highlighted Tradesmen Labour Rates:
|
Project Type
|
€ 2007 Cost (EX VAT)*
|
€ 2009 Cost (EX VAT)*
|
Price Change % +/-
|
|
Building - Extensions
|
171 per sq ft
|
82.50 per sq ft
|
-52%
|
|
Plumbers - Repairs
|
109 Callout + 1st hour
|
59 Callout + 1st hour
|
-46%
|
|
Electrician - Repairs
|
€65 per hour
|
€40 per hour
|
-38%
|
|
Painting - Interior
|
€375 per day
|
€250 per day
|
-33%
|
Key Home Improvement Activity in 2009
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Activity Ranking
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Project Category
|
|
|
1
|
Building
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Extensions, Refurbishments and attic conversions
|
|
2
|
Landscaping
|
Design, Horticulture and hard scaping
|
|
3
|
Plumbing
|
Service and repairs
|
|
4
|
Carpentry
|
Carpentry, Flooring and cabinet making
|
|
5
|
Electrical Work
|
Repairs, rewiring and home automation
|
|
6
|
Insulation & Renewables
|
Insulation, BER assessments, Solar and green systems
|
|
7
|
Painting and decorating
|
Painting and wall papering
|
About Onlinetradesmen.com
Onlinetradesmen.com is Ireland’s largest online source of accredited trade professionals. It was launched in October 2005 with a view to removing the stress and uncertainty from Irish property owners in sourcing qualified trade professionals and to provide business support services to trade professionals. It enables property owners to get online quotes, start dates and previous customer ratings back from the qualified trade professionals of Ireland from the comfort of their PC. It has processed in excess of 200,000 home improvement projects to date.
Onlinetradesmen.com is the only accredited service of its kind. Partnerships with RECI, the Royal Institute of Architects (RIAI),RGII (Register of Gas Installers of Ireland), The National Guild of Master Craftsmen Ireland and support from both FETAC and FAS ensure that its trade members are qualified. This provides property owners with confidence in the trade professionals sourced from the service and provides an alternative to unregulated trade listings. Trade members of the Onlinetradesmen.com service receive local job leads, relevant product/service discounts and unique support features using an intuitive online platform. <Ends>