Have material costs for building gone up this much?

home_132

Hi,

We have been planning an extension to our 3 bed home for years. It includes an additional bedroom and a bigger kitchen. After 2 separate planning applications and years of waiting we thought we have been counting down the days until we start building the extension of our dreams. However we've hit a snag.

In July last year we got a range of quotes for the work which ranged from £120-£150k. It's a 2 storey stone built extension and although the house isn't listed, it's dated around 1880s so we want the extension match the Victorian style. We always knew the stonework would add to the cost, but we love our house and wanted to do it justice.

We ended up opting for the more expensive quote as we like the builder and he's done a great job for us in the past on smaller jobs. However he was booked up for 12 months and he said we should pay a deposit now to secure a spot in his schedule for next year. So we paid £1,500 on the understanding we'd iron out the finer details of the estimate closer to the time and the price could go up or down. Now we're a couple of weeks away from the planned start date and he's come back to us with a revised estimate. However it's gone up to somewhere in the region of £210k!

So that's an increase of £60k on my understanding put purely down to the increased cost of materials.

Does that sound feasible? I really want to believe it is, not only because we've waited so long to do this but because we really like the building firm and want to use them. However I just can't blindly take someones word for charging an additional £60k on an already expensive quote.

Any thoughts? What should we do? Does that sound ok?

Thanks for your help in advance.

bpj

I don't know about your direct question, but personally I wouldn't commit to a materials quote now for a build starting in 12 months. It seems very possible prices will have gone down significantly by then.

CKhalvashi

There are shortages of multiple materials at the moment, so this wouldn't surprise me.

I have to agree with BPJ, there will be multiple price changes in this time, and as the world opens up hopefully materials prices should go down.

home_132

Thanks very much for the replies.

Just to be clear though, we accepted the quote 12 months ago and it's due to start in the next few weeks, hence the new price. But from what you're saying, perhaps we should wait another 12 months in the hope the price will go back down £60k? Do prices ever go down though or will this just be the new normal?

CKhalvashi

In addition to  the above, there are shortages of labour in certain areas at the moment. This likely won't improve in the short term.

Are you happy with paying the increased price? Will it increase the property value or the quality of life (or more likely a mix of both) for you enough to pay this? If yes, pay it. If no, you are welcome to wait. I can't answer this for you.

greenface2

Talking to the manager of my local hews gray . flat sheet material has gone up 30 % since march and is going up another 40% next month . due to resins shortage . standard timber around 20 march and 20 next month . cement has increased , bricks too . standard tube of silicone has increased to me from £1.68 plus sept 20 to £3.89 today . low mod white