Build costs are notoriously difficult to pin down, but our job is to do just that on behalf of our clients. On more complex projects this may require the appointment of a specialist cost consultant (often referred to as a quantity surveyor) but on smaller projects we monitor the costs in-house, preferably in association with a reputable contractor who is well-known to us.
For a very early and approximate estimate of a project build cost we can use costs per square metre, and as an example these are currently anywhere from £1250 per square metre to £1750 per square metre for new-build houses. As soon as the design is agreed however, we recommend moving beyond these figures to a more accurate assessment of the likely costs. And bear in mind that other types of project will attract different costs per square metre.
Also remember that these costs are only for the construction work related to the building itself, and do not include fees for Architect or other consultants, or for external works such as bringing in electric, drainage etc, or for VAT. The latter is only applied to works on existing buildings but not to new build. These total costs, including everything, are usually referred to as development costs or project costs.