Growing consumer confidence, a burgeoning housing market and a low interest rate environment helped boost the domestic glazing market in 2013, and the latest research is predicting growth will continue through to 2018. Robert Palmer, director of Palmer Market Research, said: “We’re entering the longest period of prolonged growth for this market since the nineties.”
The market dramatically switched to growth in the second quarter of 2013, ending up for the year nearly 5% higher at £3.78 billion. Government initiatives, in particular the Help to Buy scheme, have had an important impact.
Rising interest rates over the next few years will be something of a dampener, however the market is still forecast to be 50% bigger in 2018 than it was in 2013.
Demand for home improvement finance likely to increase further
The strengthening housing market is also helping home improvements as homeowners have the confidence to invest in their properties again. The higher number of housing transactions boosted the replacement market which saw growth for the first time in ten years. Overall the home improvement market will grow by nearly a fifth between 2013 and 2018.
Glass & Glazing Product Trends:
- Aluminium started to make a comeback with its share growing from 5% to 8%.
- Bifold doors have failed to maintain the growth it saw in previous years and the market fell by 7%. However growth for bifolds is predicted in the long-term as they are an aspirational part of the growing trend for brick built extensions.
- Vertical sliding sash and tilt & turn style windows grew by a fifth.
- Composite entrance doors increased their share by 40%.
- The conservatory market fell 2% in 2013, however there was a near 40% growth in replacements.
- Triple glazing is still in its infancy but likely to grow strongly.
This article is based on a press release issued by Palmer Market Research. You can buy a copy of their full 2014 Window, Door and Conservatory Markets in Housing in Great Britain report by visiting their website.