There’s been a steady rise in home improvement work in recent years and it’s still showing no signs of slowing. In fact, experts suggest we are still way off the peak.
Apart from the inevitable slow down during the first lockdowns, business has been booming for Granite & TREND Transformations franchisees over the last few years. So far in 2022, our franchisees have continued to benefit from their highest ever numbers of customer leads, with more and more of our partners now enjoying sales revenue in excess of £1 million per year.
This is reflected by a general boom right across the market. According to a survey by NatWest and S&P, the number of people saying they were planning major home improvement works over the next year rose from 16% at the end of 2021 to 22% by the end of the first quarter of 2022. Of course, a lot has changed in the economy since then but there are excellent reasons to believe that this boom will continue. In fact, many of these negative changes elsewhere could actually have a positive effect on this market – at least for those who have positioned themselves with the right products and services.
For example, the uncertainty of the housing market and the rise in the cost of mortgages will certainly mean that those planning a move over the next year are much more likely to remain where they are. This means that homeowners will be much more inclined to improve their current home to meet their needs and money they had otherwise saved for a move can be re-invested back into their existing house.
With housing prices starting to plateau after a long period of growth, astute homeowners will also be more eager than ever to protect the value of their homes, as well as do what they can to increase them. With kitchens and bathrooms still playing a huge role in how buyers and estate agents perceive the value of a home, these are very likely to be key areas of investment. According to Property Mark, a new kitchen alone can add between 6-10% to the value of a house, which potentially means tens of thousands of pounds for the average property.
It is well worth remembering too, that those who own homes and intend to spend on home renovation are also those least likely to be affected by the cost of living crisis. A large family home still carries so much value on the market that these homeowners continue to have considerable spending power that will only be fractionally hit. They are also the customers most likely to recognise how improving their home represents a great long-term financial investment.
There’s also the fact that the UK is facing a chronic housing shortage which is only set to be worsened by the slowdown in the rest of the housing market. There will be increased demand for new housing builds over the next decade, with the government still sticking to targets of 300,000+ new homes per year. All of those will require the latest in kitchen and bathroom installations, which of course translates into more work for those in the home improvement industry – especially if they can provide kitchens and bathrooms that are both practical and attractive.
However, despite these reasons for optimism, there is no doubt that things are going to get harder for most business owners over the next year. Even high-end consumers are going to be more reluctant to spend money, unless they can be assured that their investment is going to pay off in terms of quality and longevity. Retailers and installers are certainly going to have to work a lot harder to make themselves stand out.
Fortunately for Granite & TREND Transformations franchisees, this is an area in which we excel! This is not the first time in our 25+ years of trading that our network has had to withstand the ups and downs of the economy and we are proud to say we have come out stronger every time. We’ve learnt to embrace challenge and have used innovation and insight to perfect a business model which can offer customers a huge selection of truly unique products and services. Thanks to our extensive range, our franchisees can help customers with a variety of budgets make their homes more beautiful, by offering everything from complete kitchen and bathroom transformations through to small, but effective, refreshes that can make a huge difference without breaking the bank.
Of course, residential sales are just a part of what you could offer as our partner. Granite & TREND Transformations has also made a fantastic name for itself in the commercial market with a number of large-scale contracts for hoteliers, interior designers, architects and big-name retailers. This works on a local scale too, with many of our franchisees becoming the go-to KBB experts for small to medium businesses in their communities. The potential is huge! Combine all this with Granite & TREND Transformations’ existing reputation as a leading global brand, you have a package that can continue to lead the way in tapping into the home improvement market, no matter what shifts and changes lie ahead.
So, if you’re determined to break into the lucrative and rewarding home renovation market but are also looking for a robust business that can stand head and shoulders above the rest, even during difficult times, this could be exactly the opportunity you’ve been looking for. Contact us today to find out more about a Granite & TREND Transformations franchise resale opportunity and how it could work for you.