Latest UK Material Costs – July 2023
Hello! We are back again with the latest update on material construction prices in the UK. In our last report we hinted that prices were slightly rising at the beginning of 2023 and to keep an eye on them.
Well, we’ve gone through the data of the last three months since that report (March, April and May 2023) and we can unfortunately say that prices are rising again!
However, these price rises are in line with inflation which the government is determined to reduce. So in theory prices will peak soon as interest rate rises start having an impact, how soon is hard to say.
So strap in, as we analyse the key points from the latest UK Materials construction prices report (dated July 2023).
Overall UK construction costs
1. Overall construction costs for “All types of construction work” have increased by ~ 3%, since January 2023. The biggest contributors to this were New Housing and Repair and Maintenance work.
2. The biggest MoM (month on month) rise in prices occurred between April 2023 and May 2023, rising approximately 1.3% in just one month!
Cement and Concrete costs
3. Concrete related products, such as Ready-mixed concrete, pre-cast concrete have risen by approximately 6 – 7% in price since the start of January
4. Blocks and bricks have increased by approximately 5% in price since the start of the year
Other Materials costs
- Insulation material and kitchen furniture have continued their steady increase in price. With kitchen furniture rising 3% in the last month alone! (April 2023 to May 2023)
Metal Products costs
- Fabricated structural steel increased 4% since the start of the year, but is starting to trend down again in price.
- All other metal products have remained equal throughout the year.
Timber and Joinery costs
- Timber and joinery costs remain constant since the start of the year. With no major movements found in doors, plywood and particle boards.
Overall the main contributors to the increase in construction costs are due to the following materials:
- Concrete based products
- Kitchen furniture
- Insulation material
- Fabricated structural steel.
All other materials remain constant throughout the start of the year.
As always, we’ll be keeping a close eye on prices and keep you in the loop with the latest changes!