With construction costs continuing to rise, the cost of living is increasing. So if you are planning on starting a home construction project this year, consider whether now is the right time.
In this article, we will explore the costs of home construction in 2023, determine if the cost of construction is worth it, and touch in the best home builders in Cornwall.
What Are the Costs of Home Construction in 2023?
The cost of home construction is primarily driven by location. For instance, in London, 74% of builders have put their prices up in the last year. We’ve seen the cost of materials skyrocket to the highest in 40 years. This, coinciding with labour shortages, has been a significant factor for those considering undertaking a new project.
However, if we look elsewhere, prices can differ dramatically. The average cost to build a home in the UK this year can be between £190,00 to £480,000, depending on location and building size. House construction contractors and work in Cornwall are, on average cheaper than in other parts of the UK. Despite being one of the most stunning locations in the UK, new builds in Cornwall averaged £2,097 per square metre in 2016, that’s nearly £200 less than the rest of England and Wales.
The cost of house construction contractors in Cornwall in 2023 is likely higher than in 2016. However, location remains a substantial factor in construction costs.
There is a trend of new home buyers opting to build their own homes rather than purchasing existing builds. This is because despite the higher upfront costs of new builds, in the long run, they often outperform older buildings in terms of energy efficiency and longevity.
So Will the Cost of Construction Be Worth It?
Although the cost of house construction contractors in Cornwall and beyond is tough to predict, we believe it will be worth it. Of course, the cost of construction is constantly changing, but there are several benefits to keep in mind:
- New build homeowners will spend on average £443.30 a year (£276 heating / £108 hot water / £60 lighting) compared to old homeowners. And with fuel costs increasing by around 36% in the past decade, new homeowner savings are likely to grow even more.
- New homes come with more energy-efficient and modern amenities.
- You get to decide what and where you build.
The Best Home Builders in Cornwall With Wood Design and Carpentry
If you’re still unsure whether now is a good time, why not speak with us? We’re the best home builders in Cornwall, with over 20 years of experience in new property developments. We can help explain the building process and ensure you make the best decision.