£/sqft figures

How do you calculate construction cost?

In the UK, the cost to build a property is calculated in pounds sterling per square metre of floor area. As a general rule, the larger the floor area, the greater the cost. Most property developers in the UK use the Royal Institute of Chartered Surveyors’ schedule of rates to accurately work out a breakdown of property construction costs.

How much does it cost to build a house UK 2024?

On average, the cost to build a property in the UK starts at around £1,750 per square metre. This can range up to (and over) £3,000 per square metre. Total building costs can vary depending on:

• The size of the project
• The type of project
• The location of the project
• The materials used in construction

How much does it cost to build a 2,000 sq. ft house UK?

Property construction costs are variable, although our construction cost calculator could help you arrive at an accurate estimate. As we’ve learned, total building costs in the UK start between £1,750 and £3,000 per m2.

When calculating the cost to build, you will also need to factor in an extra 15% on top of this cost per square metre to cover the costs of hiring engineers, project managers, architects or a firm which can oversee all the above. You should also be prepared to hold an additional 8% on top of your total building costs to cover any contingencies, issues or statutory consents you may run into during the construction process.

On average, a 2,000 sq ft house in the UK will cost anywhere between £230,000 and £558,000 from conception to completion. The cost to build will of course vary on materials, location and other factors.

How do you calculate price per square foot for construction?

To calculate the cost to build per square foot, simply divide the total building costs per square foot. For example, if the overall cost to build a 2,000-square-foot property is £558,000, you would simply divide 558000 by 2,000. It can be useful to work out construction costs per square foot, as it allows you to compare the cost to build with properties of a similar size and location using the PropertyData valuation tools.

What percentage of construction cost is labour?

Calculating an accurate cost for labour during a construction project can be a difficult task - particularly when materials are in short supply and prices are fluctuating. The cost of your labour force, however, is made up of two separate elements: direct and indirect costs. Direct costs are the wages you pay - also known as the base rate. Indirect costs relate to things outside of the hourly wage rate. This includes things like insurance, training and holiday pay. In the UK, the average labour cost percentage should sit anywhere between 20% and 40% of total building costs.

What costs the most when building a house?

Foundations and flooring cost the most when building a house. While no two properties are alike, foundations and floors could eat up almost 70% of costs. The remaining structure, including the roof, beams, external cladding and walls, takes up the remaining 30%. However, it is worth noting that building costs will vary depending on the project.