Page 2 | 2023 Extension/ Building Costs

MonsteraLover89 · 2022-12-18T09:50:59+00:00

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?

Tessasanderson · 19/12/2022 11:25

The economy is in a game of catchup at the moment. People who are struggling were struggling before the cost of living crisis so they were not really fuelling the increased demand from Covid. All that money the middle and upper classes saved not going on holiday and general living is still being worked through. That is what is currently filling the diaries of the tradesmen and it will no doubt for a while longer.

However, a bit like the housing market, it will change and it will probably be quite a dramatic change. Of course there will be sections of the market which will remain uneffected but house builders are not having the turnover of houses they did previously. The market cant stand the costs and the mortgage costs cant keep up with the prices. I reckon its another 6-9mths and then it will fall off a cliff. How many of those tradesmen who are booked up have big deposits for the jobs? How many know that their clients wont be hit with their own cost of living crisis or might just get cold feet or even worse, choose a cheaper contractor.

At the end of the day, the market will sort itself out but in the job i do the supply is still hugely effected to the tune of about 50% of what it was 3years ago. Even with such lower supply figures we are still expecting a hard year to sell what we have. We supply the trades......

pilates · 19/12/2022 11:35

You can always think of an excuse as to put off build works. Building and materials rarely, if ever, go down. My husband is in construction and is always busy but he is very good at what he does.

Annabel073 · 19/12/2022 12:03

Tessasanderson · 19/12/2022 11:25

The economy is in a game of catchup at the moment. People who are struggling were struggling before the cost of living crisis so they were not really fuelling the increased demand from Covid. All that money the middle and upper classes saved not going on holiday and general living is still being worked through. That is what is currently filling the diaries of the tradesmen and it will no doubt for a while longer.

However, a bit like the housing market, it will change and it will probably be quite a dramatic change. Of course there will be sections of the market which will remain uneffected but house builders are not having the turnover of houses they did previously. The market cant stand the costs and the mortgage costs cant keep up with the prices. I reckon its another 6-9mths and then it will fall off a cliff. How many of those tradesmen who are booked up have big deposits for the jobs? How many know that their clients wont be hit with their own cost of living crisis or might just get cold feet or even worse, choose a cheaper contractor.

At the end of the day, the market will sort itself out but in the job i do the supply is still hugely effected to the tune of about 50% of what it was 3years ago. Even with such lower supply figures we are still expecting a hard year to sell what we have. We supply the trades......

I agree with this. Looking at the discussions on the self build forums, 2023 seems to be fairly bleak overall for builders merchants so clients seeking a fixed price should be expecting costs to come down over the next 6 months.

Builders are going bankrupt at a rate not seen since 2008 and while these may be large companies currently, this will filter down to smaller builders over the coming months.

Original poster

MonsteraLover89 · 19/12/2022 13:46

The difference in opinions in this thread is very interesting. People saying builders work schedules will not dry up whilst others saying that large companies are going bankrupt and wholesalers can’t sell as much..

good to hear all sides

OP posts:

Annabel073 · 19/12/2022 13:56

I'm also in the NW and have heard from several architects we work with over the past few months that there are far fewer projects in the planning stage which will definitely have a knock on effect down the line.

ItWasTimeToGo · 19/12/2022 14:02

We're half way through our, and our price is the same as quoted 9 months ago. Final price, for a large, 3 bedroom house= £68k for full house rewire, compete replaster and full internal insulation, compete new bathroom, complete kitchen, and a couple of new windows/2 stud walls/3 new door lintles etc.

I think we've had good value, but I don't think prices will come down, so I wouldn't wait around

LoveLabradors · 20/12/2022 13:18

Unfortunately we are just heading to the end of a long overrun extension and works. I don’t think we could’ve picked a worse time than this year - very expensive and as trades are starting to get jittery now we are finding most are trying it on for extras and some being very greedy - particularly the building company itself. Some trades have been decent and excellent, and talking with them they feel hard times are looming and they’ve noted some trades are trying to claw as much money from current projects. None of them believe materials are going to come down at all in price. They doubt Labour will much either. What is apparent is there will be less work.
I can safely say whilst my nearly finished home is beautiful, building work isn’t something I ever want to repeat again in my life. There is plenty I would do differently if starting again. I couldn’t recommend our builders either, far too slow for months (taking the p slow) and then rushing when hugely overrun and all trades crammed in to together and bickering.

Original poster

MonsteraLover89 · 20/12/2022 19:25

LoveLabradors · 20/12/2022 13:18

Unfortunately we are just heading to the end of a long overrun extension and works. I don’t think we could’ve picked a worse time than this year - very expensive and as trades are starting to get jittery now we are finding most are trying it on for extras and some being very greedy - particularly the building company itself. Some trades have been decent and excellent, and talking with them they feel hard times are looming and they’ve noted some trades are trying to claw as much money from current projects. None of them believe materials are going to come down at all in price. They doubt Labour will much either. What is apparent is there will be less work.
I can safely say whilst my nearly finished home is beautiful, building work isn’t something I ever want to repeat again in my life. There is plenty I would do differently if starting again. I couldn’t recommend our builders either, far too slow for months (taking the p slow) and then rushing when hugely overrun and all trades crammed in to together and bickering.

I’ve heard similar stories of trades now trying it on because they have a lack of work booked early next year. I think its very subjective with smaller building trades likely to dissapear and end up having to close shop whilst bigger guys get the work

OP posts:

Annabel073 · 20/12/2022 20:52

I’ve heard similar stories of trades now trying it on because they have a lack of work booked early next year.

I've heard the same. Less work means greater competition which will drive prices down or they will go out of business. The good times are over, whatever they are saying.

GardensandGrandDesigns · 20/12/2022 22:07

Just finished a 7 months extension and Reno. Material costs are going up constantly and they never come back down. As long as you aren't renovating to make a profit, then I still recommend going ahead. Very happy with the extra space!

Annabel073 · 20/12/2022 22:39

Material costs are going up constantly and they never come back down.

This simply isn't true.