Yes, that’s right, £10 billion. This warning has been put out by the Federation of Master Builders, and is due to the fact that homeowners are putting off home improvements. And this is all down to the fear of being scammed and taken advantage of by cowboy builders
After some digging into the matter, it turns out that one in three homeowners are reportedly delaying their house improvements due to rogue builders. This fear from homeowners alone is what is costing the UK economy so much every year.
These numbers come from the fact that, typically, the average homeowner is expected to spend around £40,000 over the span of five years on home improvement projects.
Introducing a form of licensing to help regulate rogue builders has been mentioned before. And the chief executive of Federation of Master Builders, Brian Berry, is still urging the government to put this plan into motion.
“The Government should consider introducing some form of mandatory licensing system for domestic builders. This will help consumers know that all building firms have a base level of skill, competence and professionalism.”
Brian continued with, “Unlike Australia and Canada, in this country anyone can be a builder, and that’s why there is a significant portion of rogue traders out there. They’re giving the whole construction industry a bad name.”