Build Industry: Have prices for the new build affected by the pandemics?
Hey Folks, We Hope all of You are Doing Okay!
We all have seen that pandemics have affected everyone’s life, be it personal or professional. In this blog, we will discuss the construction industry and see if the building prices have gone down or affected in any manner.
Recent Survey to Understand the Construction Prices
Recently, one of the surveys was carried out to understand if the construction and building prices are affected due to pandemics. The survey was done to understand the labor prices and materials changes in the last year, due to the current situation. Here’s what we have found:
Gas Fitter experts
Well! It was not sure what was the reason for increasing timber prices due to COVID-19. It is seen that labor prices have increased a bit. Although, there is no proof of both these things, as all of it is heard from the traders and suppliers.
The prices are expected to increase between 2.5% to 6%. Many people have not increased the labor cost. Like with any other industry, there is no problem getting all the parts easily and that too on time. Due to COVID-restrictions, many things have gotten worse and it is difficult to control things.
Material prices have gone up such as for the cable because the factories which manufacture copper and PVC, have stopped the work for some time. Due to this, the prices have increased and this information is also gathered from the wholesaler.
In addition, it is important to check the new electrical regulations which came into effect in February. This new cable needs to be used as compared to the earlier one. As per the modified regulations, it is also essential to verify the installation even if there is a need to add a new socket circuit and due to this more effort is needed now.
Even the slightest modification takes a lot of time from the electrician and consumer, which has increased the prices of the material. Some think that the increase in prices is not only due to COVID but it has happened generally also.
Even in the plumbing industry, the prices have increased to a great extent. Like the copper fitting prices have increased by 12%, radiators have increased by 15% and turner pumps have increased by 15%.
These are just a few of them which have seen an increase in the material price. At present, the labor cost is the same but it might increase in the future as the material price is increasing.
Do you know, electrical work materials have seen a rise of 25%? Well! That is huge. Not only that, the prices of copper go up and down, frequently. Even for the same material, people have to pay an additional 7K to get the material.
Even the carpentry industry is not left from its impacts. From the wholesalers to producers, it is being heard that the prices have increased by 8% to 20%.
Moreover, the tools used for carpeting have increased by 30% and the timber material will see a rise by 25%. Despite the pandemics, people want to get the work done but some difficulties also need to be dealt with.
When every other industry is seeing the effect of price hikes due to pandemics or any other reason, then how the building industry will be left behind. The prices of everything have gone up. Everyone wants to get the upgrades, but the material is extremely less. You can say that there is a complete shortage of materials and a backlog of orders. It is possible that to get the necessary material, more than one shop owner needs to be called upon to get the material like timber. This is the reason the prices in the building industry have gone up.
With that said, it is clear that the prices of the building industry have gone up as the respective market industries have seen a hike in prices. So, if you are looking for a new build make sure to trust only the best and get the in-depth information to make sure you have selected the best one for the new build.
What are the tips to hire a tradesman?
Some of the important tips to keep in mind, while hiring a tradesman are:
- Ask for references to cross-check their work and whether the previous clients were satisfied or not.
- Make sure to hire the insured tradesman.
- Always look for someone qualified and trained enough to get the quality work done. Be it renovation or a new build, you only need to trust the best.
- A professional builder will never ask you to make the entire payment right away. So, if you ever come across someone who asks you for that, you need to be mindful of them.