Earlier in the year, Chancellor of the Exchequer, George Osborne announced he would be giving people the legal right to take out as much of their pension they want and spend it as they see fit, a rule that will come into force next March.
Hymans Robertson, a leading actuary, has since forecast that a spending boom among the over-55s will be triggered by a relaxation of these pension rules, predicting that £3billion will be spent on luxuries such as kitchens, cars and; happily for fabricators and installers; windows, doors and conservatories – boosting the UK’s total spending by 0.6% in 2015.
With the home improvement market poised to experience growth, Stoke based trade fabricator Hanley Trade Frames believes this is an excellent time for installers to start selling added value products such as PVC-U bi-folding doors, vertical sliding sash windows and composite doors. Demand for these products is reportedly on the rise and managing director, Steve Thomas, believes they will prove pivotal in helping installers get their slice of the extra £3bn that will flood the UK economy.
Steve commented: “When the new pension rules come into force in March, suddenly thousands of people will have disposable income burning a hole in their pocket and they will be looking for ways to spend it. Windows and doors will be high on the agenda and with price not being much of an issue, installers that have premium quality products in their portfolios will be the ones that benefit most from this opportunity.
“Bi-folding doors, vertical sliding sash windows and composite doors are all ‘in fashion’ at the moment and proving popular with consumers that have ‘Grand Designs’ aspirations. I would encourage installers to team up with a supplier that can offer these products at competitive trade prices so they’re ready to take advantage of this spending boom.”
For more information call 01782 201 150 or visit www.hanleytrade.co.uk