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Average Building Costs Per Sq M for 2023

Looking to build a new home in 2023? Or are you simply looking to renovate your bathroom? Here are the latest cost per m2 rates for 2023.

2022 has been a wild ride for construction prices. As reported in our last November construction materials report, skyrocketing inflation, rising interest rates and a looming recession have all contributed to a rise in overall construction costs throughout 2022. Increases in individual construction material prices have differed significantly with some individual items increasing by over 60% while others only increasing by roughly 10% in 2022.

 

As we move into 2023 what are the costs per m2, associated with construction projects? In this breakdown we will give you our best estimations for 2023 costs, based on latest material prices in the UK and thousands of quotes assembled in the final part of 2022.

 

Scope of works

Low benchmark
(excl. VAT)

Average cost
(excl. VAT)

High benchmark
(excl. VAT)

Building a new house

£1,500

£2,000

£3,000

Extension (Ground floor)

£2,000

£2,500

£3,000

Extension (First floor)

£1,250

£1,500

£2,000

Renovation/Remodel

£500

£1,000

£1,250

 

It is important to note that these are rough guidelines in cost. Each project will differ in cost based on a variety of factors such as:

  1. Location – In urban areas such as London where land is scarce, construction costs are typically higher due to the high cost of land. In rural areas, where land is more readily available, construction costs are generally lower.
  2. Type of finishes (specification) – The type of materials used in construction can also affect the cost per m2. For example, using high-end materials such as marble or granite can significantly increase the cost per m2, while using more affordable materials such as concrete or vinyl can lower the cost per m2. Also a building with high-end finishes such as custom cabinetry, top-of-the-line appliances, and designer fixtures will typically have a higher cost per m2 than a building with more basic finishes.
  3. Type of Builder – The choice of builder has a big impact on the cost per m2 as well. With low/small scale builders generally requiring less overhead, whilst more custom and large scale builders will come with higher overhead costs.

We’ve written some details articles on this to discuss causes in differing prices on projects, which you can check out here.

Overall, the cost per m2 for construction can vary widely depending on a number of factors. It is important for homeowners and builders to carefully consider these factors and determine a budget that works for their specific project. In general, it is a good idea to get quotes from multiple contractors and compare prices before starting a construction project.


Written by,
Ken Vilaysane
Product Manager at BuildPartner

 

Tip: Estimating software has come a long way in the last few years, and software such as BuildPartner can help you estimate your project faster and more accurately based on your chosen scope and specification. Our costs take in the latest market trends and rates within your region and breakdown your project costs in seconds. 

Try it out free today by clicking here. No credit card required.

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