In the third quarter of 2023, we’ve recorded further increases in contractor input costs of labour materials and plant. Whilst prices have continued to rise, these have pleasingly been at a lower rate than our original forecast for the year of an anticipated 6% and prices are less volatile than seen last year. Material shortages have eased too. We’ll have the final details of how much contractor costs have gone up over this whole 12 month period at the end of the next quarter, but we now expect contractor increases across 2023 to be in the region of 4%. Indications are that home emergency contractor costs have seen similar uplifts; however, further data analysis is underway to identify any differences from the general construction increases.
Building repair cost review – July to September 2023
December 21, 2023