To help further understand why timber prices are increasing, statistics and comments from industry leaders have been collated to summarise the main factors influencing the market.
The price of timber has been on the rise for more than a decade, and following figures from the Forestry Commission revealing a 28 percent increase in log prices in just one year, it shows no sign of slowing down. With further increases all but a certainty, the industry is experiencing unprecedented material costs.
Stuart Goodall, chief executive of the Confederation of Forest Industries, said: "Timber prices are at a modern-day high, reflecting very strong demand from the wood processing sector and the limited availability of timber – a classic supply and demand situation."
The main driver, according to Mr Goodall, is the upsurge in new wood-burning – or biomass – power stations, which has sent demand for timber rocketing.
Also contributing to the rise was the surge in UK housebuilding, which reported the highest number of new starts since the financial crisis in 2007. The National House Building Council said builders registered plans to start more than 160,000 new homes in 2018 - a figure which is expected to increase further as the year progresses.
However, these problems are not confined to the timber industry. The Federation of Master Builders (FMB) reported that out of all the construction materials, bricks were in the shortest supply, with the longest wait reported to be more than one year. Timber was ninth on its list.
Brian Berry, Chief Executive of the FMB, said, "Material prices have rocketed over the past year. The reason for this could include the impact of the depreciation of sterling following the EU referendum still feeding through. High demand due to buoyant international markets could also be contributing to price increases."
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