Loft conversion price increase

[organicapricot]

Just wondered if anyone else had the same experience with building work recently? We were quoted for a loft conversion which starts this summer. They have now told us that due to supplier cost increases, cost of materials etc they need to increase our price. I feel like we don't have a choice as we want the work doing, we have paid a deposit and moving to another builder would mean a delay and possibly the same situation anyway. Is this happening now with building work? I'm just nervous they might keep upping it.

@HerringHelen the price rises for some materials have been unprecedented and contractors couldn't stick to them without going broke. They aren't doing anything wrong as long as they keep you informed and your contract doesn't stipulate a fixed price (fixed price contracts are usually more expensive due to this)

Thanks for the info both. I didn’t realise that the builder cost could go up mid way through the work. Hopefully it works both ways if the cost of materials decreases, as everything seems so expensive at the moment, so maybe there will be a decrease if the world opens up again

I personally think rises tend to stick. Perhaps not at the level they’ve risen to but they’re highly unlikely to go back to what they were in the imminent future

Possibly although consumers will shop around.

If a builder decides to stick with 2021 prices in 18m when everyone else locally has reduced back down, they're going to lose business. A builder does have to be competitive in the marketplace in normal times, which we will eventually get some ways back to.

It’s not the builders who set material prices though, it’s the suppliers.

I’m not saying I think they’ll stay where they are but I think some of the increase will stick.

It’s the uncertainty at the moment that is so difficult

It is very uncertain at the moment.

We've got our eye on a fixer upper that's coming onto the market soon but I am a bit worried about both the length of time it takes to get renovations done, and the inflated costs. We'd need to know we were in there for the long haul.

@WhatsGoingOnHereThen the material price increases have been so great (more than 50%) that everyone is having to increase prices some have been swallowing them into now but I've just had a contractor on the phone who was struggling and tearing his hair out, as he didn't want to go back to clients with rises but had no choice or he'd be literally paying to do their projects.
They aren't doing this out of choice and most are taking a hit to try to protect jobs already priced but there is only so much they can do.
It's happening across the board so shopping around isn't going to help.
I'd be a bit suspicious at the moment if a contractor says otherwise and would be asking lots of questions.

Most will try to drop back a bit as soon as they can.

Anyone would think wood grows on trees.

And let's not forget the lead times now too..I've just had a situation today where I was told our item would not arrive till mid August even though it was sold online as "in stock". It's stuck because of the delays in Felixstowe apparently. The retailer was fab to be fair, it's not their fault.

Then our windows, we've changed them to standard from posher ones because of the price increases and lead times. Even so, a 16-week wait. The windows chap is so busy he barely knows his own name. Madness.

Then even the finishing touches like door knobs and handles, so many of those we wanted are out of stock and won't be available for 8-10 weeks, just too late for us.

I think it's hard for everyone in the chain of suppliers-retailers-builders-consumers now with high demand, low supply, long lead times and extreme prices as a result.

Yep, I've been waiting for some internal doors to be delivered from mid April, stock was meant to arrive 27th may but I've not heard from them as yet.

We have just finished our fixed upper.
I agree, some materials have 60-80% price increases while other items are simply unavailable.
DH did a 2 hour round trip for some special light switches - posting wasn't an option.
Personally, I wouldn't take on a building / renovation project at the moment.

We had some plasterers quote for re-doing a bedroom and it was 1.5 times what we had been quoted before lockdown. I imagine prices will only start to come down if people decide to delay extensions etc because it's too expensive and work slows down for builders.

We had carefully budgeted plans done for Loft and kitchen extension at end of 2019.

Planning permission took ages through COVID.

We now have planning permission, but our budget will now only pay for the loft.