Scottish Social Housing Tender Price Index (SSHTPI) quarterly report: December 2024

Background

• the provisional results for 2Q 2024 to 2025 indicate a decline of 1.0% on 4Q 2023 to 2024, (no viable result for 1Q 2024 to 2025) and an increase of 3.5% in the year from 2Q 2023 to 2024.
• the 2Q 2024 to 2025 figure is based on 8 projects and will be subject to revision.
• the firm index for 4Q 2023 to 2024 indicates a quarterly increase of 8.1%, following two consecutive quarters of decline, this is the highest quarterly increase, upstaging the previous highest quarterly change of 7.3% in 4Q 2021 to 2022.
• on an annual basis, the 4Q 2023 to 2024 figure is up on 4Q 2022 to 2023 by 2.7%.
• underlying construction costs of labour, materials, and plant, as measured by the BCIS General Building Cost Index (GBCI), rose 1.3% quarter-on-quarter in 2Q 2024 to 2025 increased by 2.9% when compared with the same quarter a year earlier.
• over the year to 2Q 2024 to 2025 underlying inflation, as measured by the Consumer Prices Index (CPI), rose by 2.1%.

Table 1: SSHTPI Quarterly Index

Published index base         1985 = 100

Financial quarter notes: 1Q: first quarter April to June; 2Q: second quarter July to September; 3Q: third quarter October to December; 4Q: fourth quarter January to March.

*There were insufficient projects to calculate a figure, so it has been left unchanged from the previous quarter.

Source: Scottish Government

Note: The quarterly index is a smoothed, trimmed geometric mean of the normalised project index (see note on calculation).

Table 2: SSHTPI Location Indices

Calendar quarter 3Q 2024, Financial quarter 2Q 2024 to 2025, Publication quarter 4Q 2024

Note: the location indices are calculated over 15 quarters and are based on the Scottish mean = 100 (See note on calculation). Sample sizes <=4 they are not included in Table 2.

Source: Scottish Government