Property repair costs soar
Published: 03-Jun-2008
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A landlord will have to pay up to one quarter more than two years ago to repair damage to their property, according to the Royal Institute of Chartered Surveyors (Rics).
The cost of property repairs and improvements to residential lettings has risen by an average of 20 per cent since 2006, with roofing costs rising by 26 per cent and plumbing and electric work by 22 per cent.
According to Rics, a glut of tradesmen in the UK is responsible for the rising costs that affect those in residential property management.
Rics Building Cost Information Service executive director, Joe Martin, notes that increases in repair costs are more than double that of average wage growth.
Although he added: "Many homeowners are opting to act now rather than paying more further down the track.
"Carrying out any type of repair or renovation work on a property can be costly; trying to workout what is a fair price to pay can be equally difficult."
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