Research from the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS) shows that more than £1 billion a week is spent on the upkeep of existing building stock.

And the study, which also looked at how maintenance relates to the overall value of buildings, found that this works out at over 3 per cent of the UK’s total Gross Domestic Product (GDP).

Published in the BCIS Economic Significance of Maintenance Report, the research involved analysing all available data on the cost of looking after existing building stock.

It examined information from the Office for National Statistics on construction maintenance output, and how much householders spend on DIY and maintenance.

An estimate was also made on the productivity of direct labour working in the private sector.

The findings show that together with cleaning and energy bills, which can often be as costly as maintenance itself, the total spend on upkeep comes in at around 10 per cent of GDP.

There was also a link between the value of both housing and non-housing building stock and the amount spent on maintenance, the report found.

According to the figures, the amount spent on keeping stock in a good condition is actually falling, despite the fact that its year-on-year value is rising.

It is thought that this could be explained by owners and developers renovating their properties in the 20 years before the survey and thinking more about a building’s longevity in the construction stage.

The study is part of the BCIS running costs online tool, which aims to help facilities managers and surveyors calculate the total cost of running a building over its lifecycle.