It’s 13% more expensive to re-build a house in Cork today than 12 months ago.

Cork above national average for rebuild costs

The average house re-build costs in Cork, which include demolition and site clearance, have increased by an average of 13% since last October.

That’s according to the latest House Rebuilding Guide published by the Society of Chartered Surveyors Ireland.

In euro terms this means that rebuild costs in the city and county have increased from €2,299 per sqm last year to €2,590 per sqm this year, just above the national average of €2,580.

However, the guide finds there can be a notable difference in the increase depending on house type even within the same region. For example, in Cork the increase ranges from 10% for a terraced 2 bed townhouse to 14% for a semi-detached or detached house.

Chartered Quantity Surveyor Kevin Brady said the continuing increase in rebuild costs is a direct result of the shortage of construction labour across the sector combined with high levels of demand for builders.

“Overall, the construction market is extremely busy, and this means it can be difficult to source labour or subcontractors for any type of build, particularly electrical, plumbing and heating,” explained Mr Brady.

He added: “Material prices have started to stabilise for certain materials, however concrete products are still experiencing price increases as are insulation products, windows, and plumbing products and these are some of the key material cost drivers.”

The SCSI points out that the rebuild figures are based on estate type houses and people with one-off homes or period properties are advised to contact their local chartered surveyor. A list of chartered quantity surveyors who carry out these assessments is also available on the SCSI website.

Dangers of under insurance

The President of the SCSI Enda McGuane said two issues which come up regularly regarding insurance are consumers mixing up valuations with rebuilding costs and homeowners not fully appreciating the dangers of under insurance.

“A market valuation is the expected amount another person would pay for your property, i.e. the sale price, if it was placed on the open market,” explained Mr McGuane.

“The rebuilding cost is the cost or price of building or replacing the dwelling. The SCSI says these figures are very different so it’s important that the SCSI calculator is not used for valuation purposes so that consumers are not overor under insured.”

A House Rebuilding Calculator and the 2023 Guide to House Rebuilding Costs is available free at scsi.ie/calculator.