The latest Building Cost Information Service Materials Cost Index shows price rises hitting a 40-year high.
Industry analysts at the RICS owned organisation said that between January and September 2021 the greatest increases were seen for steel and timber with rises set to continue well into next year.
James Fiske, Director of BCIS, said: “The cost of materials in constructing a 3-bedroom semi-detached hous has increased by 14% or approximately £7,300 between January and September 2021. It is expected to grow by further 1% or £600 by the end of this year.”
Joe Martin, BCIS Lead Consultant added: “The pressure on materials prices and availability is expected to continue at least until the end of 2022. Labour shortages are expected to evolve as the significant driver for overall construction cost increases next year and the construction sector would need to compete for it with other sectors”.
For full details of the BCIS analysis click here.
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