RICS warns of 10% price hikes

The latest report from the Royal Institute of Chartered Surveyors (RICS) states that construction growth is generating rising pressure on supply chains; there have been problems with the cost of materials and a struggle with staff shortages. 

While the construction sector is now starting to recover from the COVID-19 pandemic, restrictions on the markets return to normalcy were also becoming apparent. The shortage of materials would have had an effect on this as the lack of them is struggling to keep up with the post pandemic demand. On top of this, the cost of materials is expected to increase by nearly 10% over the next year.