We have seen the price of industry materials in the UK steadily rising, with some prices reaching their highest levels in years. Plumbing fixtures, fittings and sanitaryware have been amongst some of the industry materials that have been the most affected by price increases and these rising costs are expected to continue well into the rest of 2022.
According to Rated People the price of a complete bathroom overhaul has increased by 40% since the start of the pandemic and this year, its predicted that the materials needed for a bathroom renovation will cost approximately £5,726 which is 40% more than 2020 and 22% higher than 2021.
We take a look at some of the main reasons surrounding the price hikes:
Increased demand
Since the Coronavirus pandemic there has been a boom in property and home renovation. In 2021, UK homeowners spent around £21 billion on home renovations and the demand for home improvements increased by 50% in the last two years alone. The increase in people wanting to make improvements to their home meant that there was an extra 32% demand for tradespeople in 2021.
It’s not just domestic properties that have contributed to the increase in demand. The commercial construction projects that were put on pause due to the pandemic have now resumed, there is extra pressure due to net zero requirements and large-scale infrastructure projects like HS2 are all contributing to the overwhelming demand on the industry.
Materials Shortage
There have been challenges to the global supply chain due to a shortage of materials. As a result of the pandemic and lack of HGV drives transporting materials, the industry has seen a hold up of essential materials across the UK and the world. Transport delays aren’t the only problem, since Brexit rule changes to imports has disrupted the importation of materials and shipping rates are higher now than they were pre-covid.
Inflation
We have also seen a rise in overall living costs with inflation rising to 6.2% in February, the fastest increase in 30 years. When inflation rises, we see a rise in all costs including fuel and energy, so this is a big factor in the rising costs of raw materials. More worryingly, we can expect to see inflation rise even further throughout 2022 with some predicting level to enter double figures by the end of the year.
The rise in cost of materials will have a knock-on effect on those working in the industry, it is likely that businesses will increase their prices to accommodate higher costs so customers will inevitably be paying more for their plumbing and heating work. If customers are paying more for their work, they will be even more keen to check that their work is being done by a qualified and reputable tradesperson.
Searches for reputable tradespeople have increased to 4.1 million so now is a great time to be able to distinguish yourself from other contractors. Here at APHC we promote our members to those looking for contractors and our website receives daily search requests for approved members.
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