UK Gov Chancellor Rishi Sunak’s recent claim that a third of Brits are planning to spend savings from the stamp duty tax holiday on home improvements and renovations, suggests that over £330M will be spent on RMI products and services over the next 6 months in the UK.
This could be huge news for a wide range of businesses that both work in and sell into the RMI (repair, maintenance and improvement) industry.
The numbers broken down
At Insight Data we have calculated that total stamp duty tax holiday savings may amount to over £1 billion with £330million of that being spent on RMI products and services.
Let’s look at the numbers involved:
- A third of UK house purchasers will potentially re-invest money saved from this tax holiday into repairs, maintenance and improvement
- According to Rightmove, the average house price in the UK is £323,530
- Since June 2020, 190K mortgages have been approved
- Pre–tax holiday, stamp duty would have amounted to £5750 if the property was valued at this UK average. If that figure is multiplied by how many mortgages were approved, consumers are saving upwards of £1 Billion
- A third of that total pot is £330 million
With that figure in mind, Chancellor Rishi Sunak’s claim suggests that there may upwards of £330 million’s worth of business available for builders and installers in the UK RMI market.
So, if you sell into the home repair, maintenance and improvement industry, we have a message for you. If you want a piece of that pie, now is the time to invest in marketing.
Increased Demand in RMI market
With that increased demand for products and services, installers, builders and builder’s merchants stand to win big. If you want to sell your services or products to them now is the time to reach out. They’ll need what your selling in order to meet increased demand.
Of course, any tier 3 local lockdowns will affect the ability of builders and installers to carry out work but expect that demand to stay until early 2021. With a third of Brits planning to spend £600M on home improvements and renovations this is a huge opportunity for product suppliers to secure work over the winter period.
“Don’t miss your opportunity to meet demand. Double down on your marketing to reach installers, builders and builder’s merchants with Insight Data. We can help you to effectively target them with our powerful sales and marketing solutions.” Jade Greenhow, Director of Operations
Salestracker – the perfect sales and marketing tool
This is where we come in. Salestracker is an Insight Data software platform designed specifically for sales and marketing teams. It’s a little bit like the CRM you probably already use but with so much more power and functionality.
Salestracker can find the most relevant customers for your products or services, enabling you to contact them directly. It helps users understand the market through business intelligence it reveals and provides in-depth information not available anywhere else and in real-time. This is available all within a platform with built-in CRM, credit profiling, email marketing, document storage and all in the Cloud for full remote-working.
In this scenario, Salestracker could help you to target businesses that will help to supply the increasing demand for RMI products. We are already helping our clients to target installers and builders in the UK with Salestracker.
If you’d like our help, we’d love to talk to you. We can show you how Salestracker works and how it could help you to target new customers for your products or services.