As we all know, the large rise in construction costs over the last couple of years could be driving an under-insurance time bomb in the property market.
From data taken in May 2022, the Building Cost Information Service (BCIS) General Building Cost Index has increased by 13.1% over the last year. But this is just an average of rising costs. Steel is up 50%-70%*, timber 50%*, roofing 50%**, bricks 12%*** and concrete 20%****. RICS themselves have advised that cost increases are at a 40-year high . . .
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