What are current building costs?
People have been concerned by the increases in building costs over the last few years due to Brexit and Covid.
The Building Cost Information Service (BICS) have released their latest projections and said that materials cost inflation is continuing to calm down since June 2022 and there is good availability for most construction products and materials.
Construction costs are forecast to rise just over 3% in the year to the 3rd quarter in 2024 but tender prices are expected to increase by less, just over 2% in the same period. From the 3rd quarter in 2024 they have predicted that building costs are likely to rise between 2% to 3% per annum until 2028. These predictions are reassuring for people who are keen to progress with building work to their property.
KWA give feasibility costs for all of their designs to give clients a clear indication of affordability.