Soaring Building Costs On Property For Sale In Somerset

An extended stamp duty holiday has led to a fresh property purchasing surge across the UK. Meanwhile, this surge has fueled a growing shortage of building materials, leading many in the building sector to start stockpiling materials such as concrete and timber. The rising demand for building materials has resulted in widespread price increases of more than 20%.

We have 5 points below that may help you understand the current situation.

1. Has property for sale in Somerset increased in price?

Property for sale in Somerset is rising in price at the fastest pace in 5 years. According to Halifax, the UK’s biggest mortgage lender, nearly £20,000 has been added to the average house price since the market was impacted by the COVID-19 lockdown in April 2020. In this article, we are going to explore the contributing factors involved in the soaring building costs.

2. Are building material costs increasing in Somerset property for sale?

As builders price their jobs in advance when the cost of materials started to increase, many found themselves in challenging situations. There must be nothing worse than going back to a customer to inform them of price increases. Fortunately, at Hopkins Estates, we have managed to source and stockpile a full range of materials to prevent getting caught by inflating prices.

3. How much have construction costs increased in 2021?

These price increases (of more than 20%) have left UK homeowners with higher renovation bills. For property developers, if you do not have the facilities to stockpile essential building materials, the situation has the potential to be even more costly. Many property developers have singled out the rising cost of steel and timber as being particularly disruptive.

4. How has inflation affected the construction industry?

For the time being, building materials have turned into inflating assets. As property developers with access to these materials, this is a major win for us because our properties are increasing in value as they are built. This is certainly not something that we anticipated. The supply issues faced by the building sector can be attributed to a range of intertwining factors.

5. Why is the cost of building work rising for Somerset homes?

With many timber mills and factories being forced to close during the first COVID-19 lockdown in April 2020, this had a significant impact on the production of these materials. £10 billion in building materials are imported to the UK every year. The recent uncertainty created by the UK leaving the European Union has made the importation of goods more challenging.

The number of new homes being built is at an all-time high. After spending much of last year in COVID-19 lockdowns, people have been desperate to kickstart their construction projects. With everyone wanting to make progress on their projects, there is now a shortage of labour and materials. This is far from ideal for anyone with bold and ambitious plans for 2021.

Are you ready to start looking at property for sale in Somerset? There is considerable demand for property in Somerset. Take a browse through our Somerset homes for sale latest property developments here.


If you would like more information about our properties in Somerset - then please call Mike King on 01963 824200 or email us at [email protected] and we will be able to answer any questions you have.



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