2023 Extension/ Building Costs

[MonsteraLover89]

Like many here, we had to delay building and extension plans due to the increased costs and builder availability in the past year. I’ve now spoken to some builders who have had some cancellations due to the rising costs and also have more free time come Feb onwards.

Some also said material costs are likely to come down because a lot of new builds have stopped construction as costs are too high to make any profits espec when they cant sell due to mortgage rates.

Has anyone had any similar news from builders? Or what are your plans for 2023?

Following with interest as also planning a 2023 renovation.

I have just finished the build phase and am at for out. The tiles I had picked have just gone up in price! This week! Not sure if prices will come down any time soon.

Unfortunately if you look at the BCIS it anticipates that material costs will continue to rise this year, albeit at a slower rate than last year.

This study however suggests that construction projects will decline sharply with the looming recession :

www.fmj.co.uk/construction-output-predicted-to-fall-significantly-in-2023/

I also have a friend that works as a structural engineering partner at a manchester firm. She said that many projects have been cancelled due to the costs

Very busy builder West of London , I have just finished a brick built 2 bed annexe 80m 2 inc a second shower room as well as wetroom all grohe fittings , howdens kitchen, hot tap , gas boiler and UFH , painted with no landscaping but inc a soakaway and all drain connections Aluminium sliders and french doors and three windows in Matt black , internal doors @£400 each so a good spec
Demo cost included and footings at 2m dig for half of it
Cost was £1375 per metre 4 months start to completion

Plus OHP £

we have 2 years booked ahead and no sign of things quietening down

Thats a great price at 1.3k per sqm for all that. I’m not surprised you’re booked up for two years. Is that what you usually charge? Up here in Manchester all the quotes we got are 2.5k minimum per sqm finished elec + plumbing without plastering / paint or kitchen etc

If you have already made up your mind and done the research to such an extent you won’t believe any other views why did you start a thread😊

I understand a lot of projects are being cancelled. We’re beginning work in the New Year as we’ve been able to take advantage of other work being cancelled. Prices are still high though.

Where did the op say she didn’t believe anybody else’s views ?

It's my field of work- and no sign of major construction projects slowing yet (I am client side so no reason to want it to carry on increasing- quite the opposite!), but BCIS is the most reputable future forecast. So yes, slowing inflation predicted, but still rising. May be some regional variations, but being SE based we have struggled this last year and anticipate it being a slow few years moving forwards unless we get significant government investment (public sector).

bcis.co.uk/news/bcis-five-year-forecast-building-september-2022/

Most of our lads are booked for til at least spring 2024 too.

@MonsteraLover89 we’re house builders, quite a large company. Not heard anything of new build sites round us slowing; we’ve sold all ours off plan and have a waiting list for the next phase due to start June. Others around us are similar. Definitely no sign of slowing down or plots not selling.
We aren’t seeing any signs of material costs lowering yet either.

@MonsteraLover89

As in my post Cost is £1350 , however that is with no OHP ( over head and profit )
Circa £2500 per m2 inc OHP

Just finished a 130sqm extension. We have spent about £3000psm inclusive of costs and vat. We did our own decorating though. I hope prices come down, utterly ridiculous currently.

I apologise to having asked if anyone else had heard any other news. Didn’t mean to offend you. I only asked what others have been hearing and what I heard. Maybe i heard wrong. To be fair your comment is pretty much useless and offered no insight. You’re just simply trolling. How sad.

Ah thank you. That is similar to what we have been quoted then

I am not trolling at all. But you have made up your mind that you are right. And then when others offers their experience you quoted stats to prove them wrong.

I really dislike the accusation of trolling to be honest. I have four this board really helpful throughout my build project. It’s lazy to accuse someone of trolling

I also did give my experience has someone who has recently completed a build and is now buying the goods to for it out. I don’t think I am sad. But not really interested in exchanging insults!

We definitely dont see any new build slowing down around here or is expected to in the new year.

I think material prices will rise if anything, i can't see them coming down anytime soon

The only real way to decide on an extension price is just whether it is worth that value to you.

Wr start outs in the summer, and the price we are paying is more than we anticipated as it has risen since gaining PP, but the space is well worth that money to us.

We're mid-renovation having bought in the summer and were able to get started in October as the builder (large local company doing commercial work as well as individual homes) had had a cancellation.

Didn’t quote any one as wrong. And didn’t attach the link quoting to anyone else’s post. It was just a link I had read , anybody is free to post what links they want, as like all things there are different sources. And yes a troll is someone that doesnt offer an opinion or useful comment to a discussion. You simply left a post accusing me of having made up my mind and basically telling me to end the discussion as I “made up my mind” after literally 3 posts…yet offered no significant contribution. That is trolling. Sorry if that hurts but you can see your original post was not helpful to the topic at hand, rather a dig at me to not ask

Trolling is when someone deliberately upsets someone else. I am sorry if I have upset you - that wasn’t my intention. I will bow out now and wish you luck with your project.

@MonsteraLover89 i am just finishing my build (moved back into building site a few days ago). My very knowledgeable PM tells me that the builders are running at a loss on decorating, as labour costs have risen so much in the last few months.

I fully understand your thinking that prices may come down because of cancellations, but the reality is that most projects are still going ahead, and supplies are massively increasing in prices.

I’m sorry to say, I don’t think projects will be cheaper next year than this year. Supply of properties for sale has dried up since the market started falling, so people are staying put and pouring money into their existing houses. There is a significant shortage of skilled labour due to Brexit/Tory policies, so prices will keep rising for the foreseeable future.

Don’t let that deter you - I was in that situation a year ago and I’m glad we went ahead. Good luck with your project.

I think a lot of people do extensions and renovations with borrowed money ( remortgage) With the current interest rate rises and uncertainty in the economy, plus increased costs in living then some people will hold off or won’t be able to afford to borrow the extra money.

Probably for the next 12 months things will continue as they are due to finance Already being secured, but personally I think after that things will start to slow down work wise. The same amount of builders could be looking at less work around.

I can’t see material prices dropping much to be honest.

Thanks. Yes we think we’ll just go ahead. I hate waiting. Whatever happens happens! Hard to predict anything nowadays. Might just wait till interest rates calm down and then work from
there

We are hoping to start a early in 2023 after almost 12 months of discussion with various builders. DH works in civil engineering and he's not confident prices will fall, but does think builders will likely have gaps in their schedules.