Realistically, scrapping the increase is not likely to happen, but it’s expected to add an estimated 0.75% to 1% to construction costs according to market reports. Although this doesn’t seem like a large increase, when taken together with forecast inflation, the BCIS building forecast predicts that building costs will increase by 17% over the next 5 years. These costs will have to be passed on, making construction projects more expensive and potentially increasing the cost of new homes. Scrapping the increase would help to control price increases.
