Previously, buyers could expect to be quoted the same, much-repeated piece of advice: buy the worst house on the best street. But since Brexit, which has led to a shortage of skilled workers, and the pandemic, which caused supply chain disruptions, the cost of construction work has soared. Increasingly, buyers began to favour turnkey properties.
Construction costs are still 15 to 20 per cent higher than they were in 2020, says UK Finance, and nor are prices coming down. Building Cost Information Service (BCIS) estimates that building costs will increase by a further 15 per cent over the next five years, while tender prices —those agreed between the client and contractor when they ‘commit to construct’— will go up by 20 per cent.
