The Times reports that the average cost of building projects has dropped significantly, falling 14% over the past year and 25% below its 2023 peak, saving homeowners around £2,000 per project, according to Checkatrade. The decline is driven by cheaper, more stable material prices, calmer labour cost increases, and the disappearance of “supply risk premiums” that builders had added during the volatile price period. Increased competition among tradespeople, due to lower demand and fewer new builds by major firms, is also helping reduce quotes. At the same time, many homeowners are choosing to renovate rather than move, further shaping the domestic construction market.

BFS Comment:

Some welcome positive news! If you are a small developer looking to expand or just thinking of getting into property development but need help with business planning or raising finance then talk to us. Visit our web site or e-mail to enquiries@bufinserv.co.uk and request one of our free consultation sessions.