According to research, the plummeting value of the pound has resulted in a steep rise of material prices. Because of this, the construction industry is now apparently confronting a “serious challenge.”
Since the EU referendum, the value of the pound is reported to have decreased by around 10%. Following this fall, 70% of tradesmen have also found that material costs have increased.
Consequently, this has led to thousands of small companies “grappling” with the new, raised cost of materials. This is according to Sarah McMonagle, an external affairs director. She states: “the combined pressure of higher material prices and the rising cost of skilled labour represents a serious challenge to builders.”
“A quarter of all materials used by the UK construction industry are imported.”
“This is significant and underlines the vulnerability of the industry to sudden fluctuations in the strength of our currency.”
So what do you think? Have you noticed an increase in material costs? Let us know in the comments below.