The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total value sales for February through specialist plumbing and heating merchants were up +2.1% in 2024 compared to February 2023. Prices edged up +2.3% while volume was flat (-0.2%).
With one additional trading day in 2024, like-for-like sales for February (which taking trading day differences into account), were -2.8% lower than 2023.
Compared to January, February value sales were down -3.0%. Compared to January, volume was down -0.9%. Prices also decreased -2.1%. With one less trading day in February, like-for-like sales were +1.6% higher.
Mike Rigby, CEO of MRA Research, which produces the report said: “The medium to long term prospects for new build housing could hardly be stronger with housing accepted by most political parties as a priority. The same applies to upgrading the existing housing stock so it is more energy and water efficient. But addressing the capacity constraints to tackle the backlog and start meeting demand for both new housing and upgrading the housing stock will take time.
“Although the housing market is recovering and prices are starting to rise again, housebuilding is way below recent peaks, which is restricting new plumbing and heating installations. The top end of the RMI market is still busy but the middle to lower sector of the market is waiting on the economy to revive.
“Research by Confused.com supports the growing sentiment for home repairs and improvements, with a survey revealing that a third (32%) of UK homeowners are planning a renovation project for 2024. Bathroom remodels (33%) and kitchen upgrades (28%) top the wish lists.”
