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News & opinion

19 JUL 2018

2018 residential rebuilding cost update

The annual updates to the BCIS residential rebuilding cost models were published on 5 July, alongside some changes to the reinstatement calculator.

All house and flat models, adjustments and supplementary prices have been repriced as at January 2018. Location factors have also been recalculated as part of this review. The costs account for any changes to building regulations and statutory requirements.

With a new 'Apply default external works' option ticked on the 'Property details' page, some typical adjustments for the selected property will be added on the 'Features and adjustments' page under 'Garden and grounds'. These adjustments can be amended by changing the quantity or price as necessary. They can also be removed if not applicable or added to where required.

No adjustments applied

Analysis of the use of the reinstatement calculator shows that there are a significant number of calculations performed where no adjustments are applied. The BCIS reinstatement cost models for houses and flats do not include external works such as paths, fences, walls, garages, sheds or drainage beyond the curtilage of the building and so it seems likely that some reinstatement assessments are not including the whole property.

Adjustments for common external works items are available in the reinstatement calculator on the ‘Features and adjustments’ page but with this new option it is possible to add typical external works for the type of property, to the assessment. The default external works should always be reviewed as individual cases can vary widely.

In addition to this significant enhancement to the calculator, new adjustments for drainage have been added and supporting documentation has been reviewed and updated, with some adjustment units made more consistent.

The residential rebuilding cost models and the reinstatement calculator are available as part of the BCIS Rebuild Online service.