Construction prices trends for single v double extension

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Parazard2

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Long story short it looks like we have been let down by the builder we had lined up since end of last year to build a 20m2 single storey extension to our ca 80m2 terraced house. We had quotes all around 2-2.5k+ per m2 for this. We won't be going ahead until next spring/summer and I am wondering whether prices are likely to drop by then.

If that was the case we could consider going back to the drawing board and go for a 2 storey extension instead (we could really do with the extra space). What are trends looking like for construction into next year? My (uneducated) guess would be that while the sector might be busy now playing catch up, there will be a lot less buyers, more supply of properties and therefore less work next year. Am I off in thinking this?
 
Demand has seen a spike lately as people look to enhance their homes now they're spending more time there, and less money on entertainment and holidays. But trying to predict the next few years involves a lot of variables. If there is a deep and prolonged crash, then prices will dip. If the COVID-19 impact isn't so great, then they're unlikely to drop. You also need to factor in impact on the local and foreign markets, some of our bigger FDI partners are significant consumers of construction services here. There will likely be further incentives offered for home energy efficiency upgrades, they will drive further demand.
 
Parazard2 said:
Oh interesting. What makes you think that?
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House prices up 0.1% as per CSO.
Households savings up 5.2 billion in Q2. Lots of cash about the place.
Demand for houses, property etc is still high so construction industry playing catch up.
People working from home will either want to buy a house or else do extensions etc. Home offices in garden etc..

The people whose jobs are lost werent buyers of property anyway really. Food, pubs, hotels, tourism staff etc were renters. Pharma, IT, finance staff are booming. I mean booming. Apple shares up 40% in 2020 alone.
Construction inflation tuning at 4, 5 and 7% for the last three years. I think it'll go higher in 2020 despite covid?

I don't see the sense in where u think construction prices are going down.

Out if interest, were left down because builder went bust, or went off to do a bigger job that was more profitable?
 
PebbleBeach2020 said:
House prices up 0.1% as per CSO.
Households savings up 5.2 billion in Q2. Lots of cash about the place.
Demand for houses, property etc is still high so construction industry playing catch up.
People working from home will either want to buy a house or else do extensions etc. Home offices in garden etc..

The people whose jobs are lost werent buyers of property anyway really. Food, pubs, hotels, tourism staff etc were renters. Pharma, IT, finance staff are booming. I mean booming. Apple shares up 40% in 2020 alone.
Construction inflation tuning at 4, 5 and 7% for the last three years. I think it'll go higher in 2020 despite covid?

I don't see the sense in where u think construction prices are going down.

Out if interest, were left down because builder went bust, or went off to do a bigger job that was more profitable?
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I am not sure that all buyers would have been in those sectors tbh... maybe buyers for certain property brackets? I would see prices dropping because of general uncertainty and also some households that may have planned work or buying having lost one or 2 incomes (maybe one person in IT but other was in hotel sector?). I reckon construction will catch up to some extent and demand will reduce.
But yeah I can see that others like myself are getting itchy to improve their quarters after this experience!

I have no idea what happened to my builder. He had said he had 1 job before me for about 8 weeks and gave me a start date. He subsequently said he thought it may be too risky to proceed this year and maybe we should wait till next year. I said I would still like to go ahead and haven't heard anything since. I would speculate he must have got another job possibly.
 
PebbleBeach2020 said:
The people whose jobs are lost werent buyers of property anyway really. Food, pubs, hotels, tourism staff etc were renters. Pharma, IT, finance staff are booming. I mean booming. Apple shares up 40% in 2020 alone.
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If you think it's only minimum wage hospitality.jobs that are only being effected, then you need to take a closer look at what's going on in the economy. Things may get alot lot worse.

www.rte.ie

BoI to cut 1,400 jobs as it reports half year loss

Bank of Ireland is to reduce its workforce by around 1,400 over the coming years.
www.rte.ie www.rte.ie
 
Parazard2 said:
Long story short it looks like we have been let down by the builder we had lined up since end of last year to build a 20m2 single storey extension to our ca 80m2 terraced house. We had quotes all around 2-2.5k+ per m2 for this. We won't be going ahead until next spring/summer and I am wondering whether prices are likely to drop by then.

If that was the case we could consider going back to the drawing board and go for a 2 storey extension instead (we could really do with the extra space). What are trends looking like for construction into next year? My (uneducated) guess would be that while the sector might be busy now playing catch up, there will be a lot less buyers, more supply of properties and therefore less work next year. Am I off in thinking this?
Click to expand...

you need planning for the the 2 storey extension but id be inclined to do the extra work when you are at it.
 
Two-storey extensions can be impossible to get planning permission for if you are within 15m facing the rear of another house.

Check your local authority's guidelines.

Otherwise two-storey extensions are outside the comfort zone of a lot of small builders. I would engage an architect to get it done right. I will cost though.
 
From what I understand, purely from a cost perspective, adding a 2nd floor is a good idea. You have similar foundations for 1 or 2 storey, and you've to put a roof on both, so it is usually relatively cheaper per square m.
 
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