The home improvements sector appears to be booming – as a rising number of home improvements firms are joining supply chain standards organisation GS1 UK.
GS1 felt the cost of stamp duty is a factor in more people choosing to undertake home improvements rather than move.
There were 274 home improvement businesses that have joined the supply chain in the year to 30 June 2017, compared to 80 per year over the previous four years.
Gary Lynch, chief executive of GS1 UK, said: “The housing market is such an important part of the UK economy.
“But while this sector has slowed down, the home improvements sector has been able to take advantage and enjoy substantial growth while offering consumers wider choice to improve their homes.”
In the year 2015-2016 the average stamp duty bill was £6,175 or 22% of the average salary (£28,200), up from 14% in 2008-09.
GS1 UK data shows the average revenue for a business looking to sell their products online or via a major retailer has risen from £2.8m in 2016, to £3.5m in 2017.