Building Costs and Tender Price Indices

The tables which follow show the changes in building costs and tender prices since 1990. To avoid confusion it is essential that the terms “building costs” and “tender prices” are clearly defined and understood. “Building costs” are the costs incurred by the builder in the course of his business, the principal ones being those for labour and materials. “Tender Price” is the price for which a builder offers to erect a building.