Through The Roof!
The cost of house renovations has soared by 60 per cent in the past year
The price of an extension, kitchen revamp or loft conversion spiralled during the pandemic, but the war in Ukraine has compounded existing problems in the building trade
A new kitchen for example, will now typically cost £7,256, up from £5,831 last year.
The average building job now costs £24,350, up £11,000 on a year ago, according to an analysis of 500,000 jobs by comparison website Chekatrade.
High demand for renovation work during lockdown led to material and labour shortages that forced prices up.
But now the surge in gas prices is affecting the cost of products like bricks and insulation.
Ukraine Is a key supplier of steel and iron, while Russia is a major exporter of copper. The price of timber has doubled in the last 12 months, while bricks are up as much as 50 per cent and concrete 13 per cent.
John Newcomb, CEO of the Builders Merchants Federation, said: ‘This is unprecedented. We have never had price increases this often and this high.’
He added that problems are so severe, a consortium of manufactures, merchants and builders now meets every three weeks to update each other and the public on shortages.
Groups representing builders played down fears some have hiked prices.
Brian Berry, chief executive of the Federation of Master Builders, said: ‘Everyone is hit by the shortages and price rises. Almost all are struggling to cope with increased costs – they know it is hard to pass this on and don’t want to unless they have to.’
Written by Daniel Jones – Consumer Affairs Editor of The Daily Mail.