The Building Cost Information Service (BCIS) Has released their latest forecast, detailing rises in both costs and tender.
Read the Building Materials and Components: December 2024 Commentary breakdown here:

1- Overview of building material prices
UK's building material prices for all work rose by 3.5% year-on-year in December 2024. While this represents a decline in the rate of growth compared to earlier in the year, materials remain historically expensive. Prices increased by 0.7% compared to November 2024.

Key materials:
* Timber: Prices for sawn and planed wood stabilised after a sharp rise in 2023, reflecting improved global supply chains. However, demand remains high for structural timber, sustaining higher price levels.
* Steel: Reinforcing steel prices rose by 5.2% year-on-year, driven by energy cost increases and global demand in infrastructure projects.
* Cement and concrete: Cement prices rose modestly by 2.1%, with ready-mixed concrete showing a similar trend. Supply constraints have eased compared to 2023.
* Bricks: Prices rose 4.8% year-on-year, with demand from residential projects pushing up costs. Manufacturers report increased capacity to meet demand.

2- Supply chain dynamics
Import and export trends:
Imports of construction materials declined by 1.5% year-on-year, reflecting the stabilisation of domestic production.
Exports of UK-produced materials increased by 2.3%, led by insulation and architectural metal products.
Key import markets for the UK remain EU countries, China, and the USA. Disruptions in global logistics have reduced compared to 2023.
Domestic production:
Domestic production of key materials such as aggregates, bricks, and concrete improved in 2024, reducing reliance on imports. This has been facilitated by investments in production capacity and modernisation of manufacturing plants.
 
The full BCIS report can be found here.
 
Source: pbctoday.co.uk