Today, construction costs are skyrocketing as the price of home renovations soars 60%

Today, construction costs are skyrocketing as the price of home renovations soars 60%

  • The price of extending, renovating the kitchen or converting the loft has skyrocketed during the pandemic
  • But the war in Ukraine has aggravated the existing problems in the construction sector
  • A new kitchen, for example, now typically costs £7,256, up from £5,831 last year

The cost of home renovations has skyrocketed 60% over the past year.

The price of an extension, kitchen renovation or loft conversion has skyrocketed during the pandemic, but the war in Ukraine has compounded existing problems in the building sector.

A new kitchen, for example, will now typically cost £7,256, up from £5,831 last year.

The price of an extension, kitchen renovation or loft conversion has skyrocketed during the pandemic, but the war in Ukraine has compounded existing problems in the construction sector

The average construction job now costs £24,350, up £11,000 from a year ago, according to an analysis of 500,000 jobs by comparison site Checkatrade.

The high demand for renovation work during the lockdown has led to material and labor shortages which have driven up prices.

But now soaring gas prices are affecting the cost of products like bricks and insulation.

Ukraine is a major supplier of steel and iron, while Russia is a major exporter of copper. The price of wood has doubled in the last 12 months, while bricks have increased by 50% and concrete by 13%.

John Newcomb, CEO of the Builders Merchants Federation, said: “This is unprecedented. We have never had such frequent and high price increases.

He added that the problems are so severe that a consortium of manufacturers, traders and builders now meet every three weeks to update each other and inform the public of shortages.

Groups representing builders played down fears that some had hiked prices.

Brian Berry, chief executive of the Federation of Master Builders, said: “Everyone is affected by shortages and price hikes. Almost all are struggling to keep up with rising costs – they know it’s hard to pass them on and don’t want to unless they have to.

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