SEVENTY per cent of UK builders have seen an increase in material prices due to the depreciation of the pound, research from the Federation of Master Builders (FMB) has revealed.

Sarah McMonagle, director of external affairs at the FMB, said: “Thousands of smaller building firms are grappling with the rising cost of materials caused by the depreciation of sterling since the EU referendum.

“More than 70 per cent of smaller building firms have experienced increased costs as a result of the weakened currency, with additional increases of ten to 15 per cent expected as the new year unfolds.

“Anecdotally, construction SMEs are already reporting an increase of 22 per cent in Spanish slate and a 20 per cent increase in timber.

“A quarter of all materials used by the UK construction industry are imported – this is significant and underlines the vulnerability of the industry to sudden fluctuations in the strength of our currency.

“The combined pressure of higher material prices and the rising cost of skilled labour represents a serious challenge to builders.

“What this means is that home owners could start to see the cost of their building projects increase. It also means that consumer choice may be reduced as some home owners face having to compromise on aspects of their project due to the fact that certain materials have become too expensive,” said Ms McMonagle.