News for Tool Hire, Equipment Hire & Plant Hire and Rental Professionals

Flexibility needed

31 May 2024

Flexibility needed

A number of recent announcements relating to the housing market showed once again that people can focus on the positives or the negatives in a situation.

Home improvement retailer Wickes said in a trading update for the first quarter of 2024 that, while overall group like-for-like sales were down by 4.2% compared with the previous year, retail sales increased slightly by 0.6%.

Customers continue to be enthusiastic about home improvement, says Wickes, but are focusing on smaller projects. Sales in decorative categories are up, with interior paint sales up 13% year-on-year, for example.

Therefore, there should be opportunities for hire companies and others that can offer products for home owners tackling DIY projects rather than having major kitchen or bathroom installations done.

Secondly, the Nationwide building society reported a 0.4% decrease in house prices compared against the previous month, citing pressures on affordability owing to stubbornly high interest rates.

Another lender, the Halifax, reported a similar situation but added that the squeeze on affordability was stimulating demand for smaller homes and flats with lower price tags.

Interestingly, the bank pointed out that this was a significant shift from the situation in the Covid-19 pandemic when many people decided to work from home and spend the money saved by not commuting on buying bigger properties.

So opportunities remain if you are able and flexible enough to respond to them,

Photo: Blue Bird/Pixabay

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