First and foremost, a very happy New Year to you all!

However, the market is turning, and there are some early signs that the drop in house prices is picking up speed and there is a small chance the reversal in prices could be quite sharp. So why is this an opportunity?

House prices have risen for so long and so sharply, that even with a hefty price reversal, homeowners will still be sitting on profits. But, falling house prices may force a rethink for some people on whether to move or improve what they already have? With at least 250,000 homes per year for the next few years facing higher mortgage costs, many may believe that investing in their current home, which is a cheaper endeavour than moving altogether in a lot of cases, is a better use of their money. If this scenario plays out, our industry can benefit from that. Again, we have to get our message and marketing right to make the most of this situation.

High-end resilience

Speaking on my experience from last year at our own installations business, we found the high-end market to remain the most resilient and buoyant despite the tough year we all had.

The self-builders and the wealthy tend to go for the luxury market. Aluminium, flush PVCu, bespoke aluminium entrance doors, bi-folds, large-scale glazed sliders etc. Standard PVCu won’t do for this type of client.

Despite the recession this year and possibly into 2024, the richer bracket of the population will continue to spend on themselves, their homes and their projects. Recessions and energy prices do not affect this demographic like others, so it would be wise for more of our industry to look to this part of the market to find profitable avenues.

The higher-end market has always been more sheltered than other parts of the market. It’s not as easy as flicking a switch and suddenly selling a different way and a different type of product. It takes time, effort and money to alter your own business. After spending much of 2022 changing things at our place I can vouch for that. But the rewards are worth it, and even more satisfying when you know you’re growing in a down market.

2023 will be hard. I don’t think anyone thinks otherwise. But there are always ways to make a success of things, that is a certainty. It’s simply a matter of putting in the work and keeping focused on the end goal.

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