Soaring prices and labour shortages could affect your self-build project
The ongoing construction materials shortage is starting to recover but continues to be hampered by price hikes, in the year to July 2022, material prices for all work have increased by nearly 25%*. Many people embarking on a self-build project will need to factor in much larger contingencies and have their building contracts super-stringent if they are to complete their projects without costs spiraling.
Self-builders, construction contractors and builders and developers, along with homeowners who need work on their properties are being hard hit by the rising cost of materials.
Why is the cost of construction materials so high?
The construction materials shortage has caused significant supply chain issues for those working on home improvement projects. The issue began in the pandemic as Covid wreaked havoc on production and transportation and just as a tentative recovery was underway, the impact of the Russian invasion of Ukraine and spiralling energy prices have sparked another setback.
The cost of living is increasing at nearly its fastest rate in 40 years**, driven largely by the rising cost of food and fossil fuels with prices in August 9.9% higher than they were 12 months ago.
The Construction Leadership Council (CLC) said in June that inflation is likely to persist at a lower level across most mater