Over 40% of residential sector tradespeople say political uncertainty surrounding Brexit is the biggest hurdle to growing their business, Homebuilding.co.uk can report.
The findings, from an original industry survey undertaken by Homebuilding & Renovating in October 2019, demonstrate that the UK’s prospective exit from the European Union is deemed to be having a mostly negative impact on their trade.
This uncertainty, respondents said, has led to increased cost of materials due to the weakening of the Sterling, while a stagnating property market means less residential construction work is available.
One respondent wrote: “I import all of my products from Holland. Our cost prices have gone up by over 20% due to the referendum result and subsequent crash in Sterling. Sales are down by 50% this year.”
Another respondent suggested that should Brexit happen “there is likely to be a gradual reduction of available skilled tradespeople”.
Building For The Future
The survey investigated the uncertainty surrounding Brexit and apprehension of what it would mean for businesses in the self build and home improvement sectors.
The negative impact of Brexit on the sector was evidenced further when tradespeople were asked on a scale of 1-10 (1 being terrible, 10 being outstanding), how they expected business to be over the coming year.
A total of 32% selected 1, while 17% selected 2, the second-most selected option. Only 8% of tradespeople opted for 10.
Moreover, when asked how likely they were to invest in growth for their business in the coming year, around half (47%) opted for 1.
Last month Brexit was reported to have accounted for one third of home improvement plans to be cancelled, while a recent report from economist Tom Hall elucidated the impact Brexit could have on the homebuilding industry.
At the time of writing the UK is scheduled to leave the EU by January 31, 2020.