More than two thirds of small and medium-sized UK building firms have seen a rise in the cost of materials caused by the fall in the pound since the EU referendum, according to the Federation of Master Builders (FMB)
Fresh research, revealed in the FMB’s quarterly State of Trade Survey, also found that further material price increases, possibly up to 15%, are expected later this year, which could see the cost of new property development projects increase.
Sarah McMonagle, director of external affairs at the FMB, said: “Thousands of smaller building firms are grappling with the rising cost of materials caused by the depreciation of sterling since the EU referendum.”
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