Scottish social housing tender prices fell by almost 5% in the final quarter of 2024, compared with the previous quarter, according to the latest data from the Building Cost Information Service (BCIS).
At the same time, Scottish housing output was down by almost 14% on an annual basis in Q4 2024.
BCIS chief economist David Crosthwaite said: 鈥淎fter two consecutive quarters of growth in the first half of the year, 2024 concluded with back-to-back quarterly declines in tender prices for Scottish social housing.
鈥淎ccording to the Scottish Social Housing Tender Price Index (SSHTPI), tender prices declined by 4.9% in the final quarter of 2024 compared to Q3 2024, while registering a 2.1% increase over the year from Q4 2023.鈥�
He continued: 鈥淪cottish housing output has followed a persistent downward trajectory since Q3 2023. On an annual basis, output contracted by 13.7% compared to Q4 2023, while quarterly output fell by 0.8% relative to Q3 2024.鈥�
Underlying construction costs, including labour, materials and plant, as measured by the BCIS General Building Cost Index, remained unchanged quarter-on-quarter in Q4 2024, but rose by 2.9% compared to the same period in the previous year. Over the year to Q4 2024, inflation, as measured by the Consumer Prices Index (CPI), increased by 2.4%.
Dr Crosthwaite added: 鈥淲hile Scottish housing output declined on both a quarterly and an annual basis in Q4 2024, housing output in Great Britain as a whole rose by 1.1% over the quarter. However, on an annual basis, the broader market also experienced a downturn, with output decreasing by 4.2% since Q4 2023.鈥�
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