P&H Merchants’ November like-for-like value sales up +2.7% year on
The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total like-for-like value sales for November 2025 through specialist plumbing and heating merchants were up +2.7% compared to the same month the year before. With one less trading day in November 2025, unadjusted value sales were down -2.2%. Unadjusted volume sales fell -6.5% and prices went up +4.6%.
Like-for-like value sales in November were +6.8% higher than October. With three less trading days in November, unadjusted value sales were -7.1% lower. Unadjusted volume sales were down -10.2%, and prices up +3.5%.
Like-for-like value sales in the three-months September to November were +1.6% higher than the same period last year (September to November 2024). There was no difference in trading days, so unadjusted value sales were also +1.6%. Unadjusted volume sales were -1.8% down and prices increased +3.4%.
Compared to the previous three-months, June to August, however, September to November’s like-for-like value sales increased +16.5%. With one extra trading day in the most recent three-month period, unadjusted value sales increased +18.3%. Unadjusted volume sales were +10.5% up, and prices increased +7.1%.
Like-for-like value sales, in the year to November, were +3.1% higher than the first eleven months of 2024. With two less trading days this year, unadjusted value sales for January to November were up +2.2% on the previous year. Unadjusted volumes decreased -0.6%, while prices increased +2.9%.
Plumbing & Heating merchants’ like-for-like value sales in the 12-month period December 2024 to November 2025 were +2.4% ahead of the previous 12-months (December 2023 to November 2024). With one less trading day in the most recent period, unadjusted value sales grew +2.0%. Unadjusted volume sales were down -0.2%, and prices up +2.1%.
November’s PHMI like-for-like value sales index was 115.7. With one less trading day compared to the base period, the unadjusted value index was 112.0.
Mike Rigby, Managing Director of MRA Research which produces the PHMI report says:
“During November, in the run up to the budget, the Government created so much uncertainty and unease that many consumers and businesses just sat on their hands and paused their spending on larger items and projects until they could see what the Chancellor announced.
“In the event, the budget was less extreme than expected. Consumers and businesses breathed a little easier and got back to plan, but by then the damage had been done to November’s sales.
“Consumer confidence dropped two points in November to -19, according to the GfK Consumer Confidence index. But then, in a national sigh of relief, all five measures of confidence were up in December compared to November, and the overall index recovered two points to -17. The major purchase index was up four points to -11 from -15 in November, which is a very positive indicator of future spending on RMI and larger home projects.
“But overall confidence at -17 is the same as in December 2024, so the year as a whole has not progressed, and the country is still waiting for the better times it voted for to materialise.”
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.
