Latest Scottish social housing tender prices

Tender Prices for Scottish Social Housing Declined in final quarter of 2024

After 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.

According to the Scottish Social Housing Tender Price Index (SSHTPI), tender prices declined by 4.9% in the final quarter of 2024 compared to 3Q2024, while registering a 2.1% increase over the year from 4Q2023.

In comparison, Scottish housing output has followed a persistent downward trajectory since 3Q2023. On an annual basis, output contracted by 13.7% compared to 4Q2023, while quarterly output fell by 0.8% relative to 3Q2024.

Meanwhile, underlying construction costs, including labour, materials and plant, as measured by the BCIS General Building Cost Index (GBCI), remained unchanged quarter-on-quarter in 4Q2024, but rose by 2.9% compared to the same period in the previous year. Over the year to 4Q2024, inflation, as measured by the Consumer Prices Index (CPI), increased by 2.4%.

While Scottish housing output declined on both a quarterly and an annual basis in 4Q2024, 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 4Q2023.

The SSHTPI is prepared by the Building Cost Information Service (BCIS) for the Scottish Government’s More Homes Division.

Further details are available at https://www.gov.scot/collections/scottish-social-housing-tender-price-index-reports/

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Note: Both 3Q and 4Q2024 SSHTPI figures remain provisional and are subject to revision.