Nearly three-quarters of tradesmen saw an increase in revenues during 2015 thanks to a “booming” property market, according to new research.
The industry-wide survey by IronmongeryDirect found 72 per cent of trade businesses saw revenues rise. Forty-three per cent said sales had climbed by up to 10 per cent, with a third claiming an improvement of between 11 and 20 per cent and 16 per cent saying revenues had increased by more than 30 per cent. Eight per cent saw even bigger increases.
Eighty-two per cent of tradesmen said they had been either busy or very busy with work in 2015.
Half reported enquiries were up compared with 2014, while 43 per cent said they were about the same.
Forty-five per cent said they had so much work in 2015 that they had to turn business away. Thirty-six per cent turned down work worth between £1,000 and £10,000, 31 per cent turned down work worth up to £100,000 and 13 per cent had to turn away work worth more. One respondent claimed they had been forced to turn down work worth £5m.
Wayne Lysaght-Mason, managing director at IronmongeryDirect, said: “The UK’s booming property market coupled with a rise in house building and renovation projects certainly had a positive effect on the construction industry in 2015. And our research appears to correspond.
“The results from our report are extremely positive for the sector and it’s great to see that business is going well for the majority of tradespeople and that revenues are strong.
“The report indicates this good news will continue into 2016 and many across the sector will be able to be more selective about the work they take on as workloads continue to increase. However, that said, it is crucial that tradespeople still operate with caution as the sector is not fully recovered and there are still underlying issues that may have an effect such as an increasing skills gap, the pricing of contracts, supply chain issues or even rising capital pressures.”