James Costello is reviewing quotes from contractors hoping to work on his project to build 111 flats in the centre of Birmingham. The managing director of Elevate Property Group can see early signs that prices are stabilising after a two-year period when the cost of everything from bricks to concrete rose by 30 per cent on average.
“There’s some glimmer of hope that costs are cooling,” Costello said. “Prices aren’t coming down, they’re just not going up.”
“We’d have had a really tough time with bricks. Within a one-year period we’d usually see a one or two per cent swing in the price… but we’ve seen two 15 per cent rises in one year,” Costello said. That is now calming down.
Developers such as Costello
Enjoy unlimited digital access. £1 for 6 months.