The Building Cost Information Service expects tender prices to rise by 19% and new work output to grow by 21%.

Tender prices are anticipated to rise at a faster pace than costs in 2025 as cost inflation moderates and market activity is expected to increase, according to the BCIS.

Construction is expected to get a boost as a result of the new Labour majority government, a leading industry intelligence firm said.

Construction output is forecast to fall by 2.1% this year due to falls in private housing new build and repair, maintenance and improvement, says the CPA.

The construction industry is headed towards hard times over the next year, according to the latest forecast by the Construction Products Association.