LOCAL builders are facing price hikes of up to 20 per cent on materials, following the Brexit vote.

The cost of steel, timber, bricks, concrete blocks and plaster board has soared, due to the British pound falling against the Euro.

Despite rallying in the wake of Prime Minster Theresa May’s Brexit speech this week, Sterling is still much weaker since June’s vote to leave.

With up to a quarter of building materials imported, according to the Federation of Master Builders, currency exchange rates are pushing up prices.

Costings are usually done 12 to 18 months before projects start, leaving builders to honour estimates given before June’s vote.

David Sershall, managing director of Cumnor Hill-based Beard Construction reported the £140-million turnover firm is seeing materials price rises of between five and fifteen per cent.

He said: “It’s certainly something we are concerned about and are keeping an eye on.

“We saw increases starting from the back-end of last year and have seen more significant price increases since.”

Mr Sershall, whose firm specialises in listed-building work, said the worst affected includes steel imported from Europe.

Others are windows, doors and glazing brought in from Germany and Poland.

Mr Sershall explained: “Manufacturers are putting up prices.

“This can have a major impact on a project and makes it very difficult to fix the price.

“If we provide a budget early on, it could be 12 months before we are actually on site.

“We either have to build this in, or have an agreement saying materials are subject to fluctuations.”

Michael Puttick, managing director of builders Kingerlee, said: “Certainly, prices have increased due to the falling pound.”

The Kidlington-based firm imported some materials from Italy and Belgium to build a £35m quadrangle for St John’s College and £80m quadrangle for Pembroke College.

Stephen Dunne, a director of Savvy Construction in Headington, described price rises recently announced by builders’ merchants, such as Travis Perkins, as “unprecedented”.

On a £3m project where materials cost £1m, recent price increases could add £150,000 to costs.

And brick costs have almost doubled in five years, from £400 to £700 per 1,000.

He said: “It’s a huge increase, with items such as concrete blocks, up by 15 per cent.

“Builders’ merchants sent out a ‘heads up if you are tendering’ list of price increases.

“If you didn’t know, you’d have got a shock when you went to order materials. We’re used to three-to-five-per cent,rises but these are unprecedented.”