This is largely because costs have shot up by 18% in a year, resulting in the average three-bed semi-detached home now costing £53,000 more to rebuild than it would have in February 2022.
Material costs have surged, with plasterboard costing 46% more, uPVC windows 49% more and insulation up by 62%. Other price increases include cement (34%), bricks (28%) and a shortage of skilled workers, which has added 5% to project costs.
Don’t leave yourself at risk of being underinsured. Make sure you’re covered for the full rebuild value of your home – we can help. Contact moneyQuest today.
11 July, 2023
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