Building material prices look set to increase by another 10% over the coming months as supply chains struggle to keep up with new housebuilding and infrastructure, the Royal Institution of Chartered Surveyors (RICS) has warned.

The RICS ’ latest construction and infrastructure survey found that the price hikes would exceed a 7% growth in tender prices forecast for the period. A record 82% of respondents reported material shortages limiting activity in the second quarter of 2021, up from 57% in the first three months.