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The rate of inflation for building materials is finally starting to cool after a period of soaring prices, although some prices remain high. Construction material inflation initially dropped during the Covid-19 pandemic in 2020, then surged in the following years due to various factors such as pent-up demand, supply issues, Brexit, and the war in Ukraine.

Steel manufacturing, in particular, was heavily impacted, with prices spiking by about 50% at the beginning of 2022. Although steel prices are starting to stabilize, they are still significantly higher than in previous years. Timber prices also experienced a sharp increase, but the market has since stabilized, with prices decreasing for some products.

While some building material prices have seen a reduction, many prices remain elevated compared to pre-pandemic levels. Government figures show significant increases in the cost of certain materials like flexible pipes and fittings and metal doors and windows. On the other hand, materials like concrete steel reinforcing bars and fabricated structural steel have shown price reductions year-on-year.

It is advised to shop around and obtain multiple quotes when planning building projects. Clear communication with contractors, specifying material requirements, and understanding warranties are crucial steps to avoid problems and extra costs. Insurance valuations should also be reassessed to ensure adequate coverage, considering the sharp rise in material costs over the past few years.

Farmers undertaking building projects should be aware of their obligations under the Construction Design and Management Regulations 2015 to ensure compliance with health and safety requirements. Whether using a contractor or doing the work in-house, understanding and adhering to the regulations is essential to prevent accidents and ensure a safe working environment. Consulting with health and safety advisers can provide valuable guidance and help mitigate risks on-site.

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