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Dorset and Hampshire: Home Extensions will thrive in 2024

When is the right time to have your home extended? In this blog, we look back at what happened in 2023 across Dorset and Hampshire and what’s in store for 2024.

2023 again saw many changes across the building and home extension sector.  Here, at 71 Design, we witnessed a steady increase in sales, with overall revenue showing promising growth from the end of 2022 to the end of 2023. In this blog post, we'll delve into our key takeaways from the past year, analyse the current state of the industry, and share our predictions for 2024 to help you decide whether it’s the right time for you to start your home extension project.

Review of 2023:

2023 started with the hangover of the post-pandemic building boom which brought a surge in demand for construction and architectural services. However, as the year progressed, things began to settle down. The fluctuations in material availability and costs, which were a significant concern during the initial post-pandemic period, have now steadied. This stability has provided a more predictable environment for planning and executing projects, contributing to a sense of confidence within the industry.

Interestingly, whilst we experienced a higher volume of enquiries, the conversion rate was lower than what we have experienced in the past suggesting a higher level of investment caution. The early months of 2023 saw a temporary slowdown across the industry, but recent trends and certainly from what we are witnessing, recovery is in sight.

As we look ahead, there's a growing anticipation of decreasing interest rates, particularly leading up to the upcoming election, which could fuel a resurgence in the construction sector.

Predictions for 2024:

One notable observation has been the trend of people putting their projects on hold, anticipating a decrease in mortgage rates. This cautious approach is no doubt also influenced by concerns about the rising cost of living. We anticipate that once the uncertainty subsides, there will be a renewed interest in going ahead with construction projects. We’re experiencing many customers who were given quotes in early 2023 are now contacting us to start their projects. 

A glance at industry statistics reveals that construction output in the UK increased by 0.1% in Q3 2023 compared to Q2. This growth, primarily attributed to September, marks the eighth consecutive quarter of overall expansion in the construction sector. Despite a slight decrease in new work during Q3 2023, the resilience of the industry is evident, and we remain optimistic about its continued growth.

The construction industry is ever-evolving, and staying abreast of emerging trends is crucial. Solar and renewables have become a focal point, with householders increasingly demanding eco-friendly solutions. Sales in this sector have experienced a significant boost, reflecting a growing awareness of the importance of sustainable living.

As ever, 71 Design is poised to adapt in the world of home extensions. With a keen eye on market trends, a commitment to sustainability (watch this space for an exciting announcement soon) and a customer-centric approach, we look forward to not just participating in, but shaping the future of our local architectural scene across Dorset and the New Forest.  We’re here to help existing and new customers  in building a future that is both innovative and enduring, bringing your home extension visions to life. 

How 71 Design can help you.

71 Design help the residents of Dorset and Hampshire with architectural services to design improvements to their homes. Since 2012 we have proudly assisted over 1000 clients, firmly establishing ourselves as the go-to experts.

We appreciate that every customer has different needs and offer a flexible, always cost-efficient approach to every project. From design, planning and building regulations support through to a fully managed end to end service. This can include helping you to select the most suitable building contractor for your project.

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