P&H Merchants’ May value sales at a standstill year-on-year (+0.1%), while volumes fall -5.9%

The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total value sales for May 2025 through specialist plumbing and heating merchants were up just +0.1% compared to May 2024. Volume sales decreased -5.9% while prices went up +6.3% year-on-year. With one less trading day this year, like-for-like value sales (which take trading day differences into account) were +5.1% higher.

Month-on-month, May value sales were -2.4% down compared to April. Both volume sales (-2.3%) and prices (-0.2%) were lower. There was no difference in trading days.

Total value sales in the three months from March to May 2025 were +4.4% higher than the same period a year ago (March to May 2024). Volume sales slipped -0.3% as prices increased +4.7%. With one less trading day in the most recent period, like-for-like value sales were up +6.1%.

Value sales in the three months from March to May 2025 were up +2.8% compared to the previous three month period, December 2024 to February 2025. Volume sales climbed +6.4% but prices were down -3.4%. With two extra trading days in the most recent period, like-for-like value sales contracted -0.6%.

Year to date value sales in the first five months January to May 2025 increased +2.6% on the same five months last year.

Plumbing & Heating merchants’ value sales in the 12-month period from June 2024 to May 2025 increased +0.8% on the previous 12-month period (June 2023 to May 2024). Volume sales grew +3.2%, however prices fell -2.3%. With two less trading days in the most recent period, like-for-like value sales were +1.6% higher.

May’s PHMI index was 95.6. With one less trading day compared to the Index base period, the like-for-like value sales Index was 98.8. 

Mike Rigby, Managing Director of MRA Research which produces the BMBI report says: “May hasn’t been a month for Merchants to write home about, with no change in value sales compared to weak May sales last year, or April this year. Where there were improvements in volume many were offset by a drop in prices leaving Builders’ Merchants treading water.

“The latest Homes England stats, published on 26 June, show there was an improvement in housebuilding starts (+5%) and completions (+12%) between 1 April 2024 and 31 March 2025, compared to the previous year. But with just 38,000 new houses starting construction during that period, it’s clear that as we pass one year of Labour government, nothing much has changed with regards to injecting some oomph into housebuilding.

“Whether improvements are on the horizon remains to be seen, in what is turning out to be a particularly unpredictable year. Overall consumer confidence, as tracked by GfK’s long running index, shows a two-point increase in June to -18, following a three-point improvement in May. This upward trend could be a good omen for the RMI and housing markets, particularly as there was also a +5-point increase in how consumers see the economy shaping up over the next 12 months. Mortgage and remortgage approvals are on the up too.

“But, and currently there’s always a but, Inflation is stuck at 3.4%, partially due to higher food costs, so many households will still be feeling the pinch. With expected hikes in petrol prices later this year caused by conflict in the Middle East oil prices are likely to rise. That will put discretionary spend under pressure, pushing households to reassess their priorities with some postponing home improvement projects which will slow the flow of work in the pipeline for trades and merchants.”

The Plumbing & Heating Merchant Index (PHMI) is the first to analyse point of sales data collated from specialist plumbing & heating merchants with combined annual sales of £3bn, to chart their performance month-to-month.

Based on data from NIQ GfK’s Plumbing & Heating Merchant Panel, which represents over 70% of the market by value, the report provides reliable data and a platform and voice for the industry, as well as for leading plumbing & heating brands. It is produced by MRA Research for the Builders Merchants Federation. There is no overlap or double counting between PHMI and the Builders Merchants Building Index (BMBI) sales data.

To download the latest report, or learn more about becoming an Expert, speaking on behalf of your market, visit www.phmi.co.uk.