P&H Merchant value sales increase +0.9% year-on-year, as prices rise +10.7% and volumes fall -8.9% in July
The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show like-for-like value sales (adjusted to remove the impact of trading days) for July 2026 through specialist plumbing and heating merchants were up +0.9% compared to July 2025. Like-for-like volume sales fell -8.9%, while prices increased +10.7% year-on-year.
With no difference in trading days, unadjusted value sales also increased +0.9% compared to July 2025. Unadjusted volume sales decreased -8.9% year-on-year, and prices rose +10.7%.
Compared to June, like-for-like value sales were +3.2% higher in July. Like-for-like volume sales were up +2.7% month-on-month while prices increased +0.5%. With one additional trading day in July, unadjusted value sales were up +7.9%, while unadjusted volume sales increased +7.4% and prices increased +0.5%.
Like-for-like value sales in the three-months from May to July 2026 were -0.1% down compared to the same period the year before. Like-for-like volumes sales were down -9.4% as prices increased +10.3%. With no difference in trading days, unadjusted value sales were also down -0.1% with volume sales -9.4% lower and prices up +10.3%.
Compared to the previous three-months (February to April 2026), May to July 2026 like-for-like value sales were down -10.1%. Like-for-like volume sales were -10.6% lower and prices +0.5% higher. With two additional trading days in the most recent three-month period, unadjusted value sales were -7.2% lower. Unadjusted volume sales were down -7.7% while prices edged up +0.5%.
Plumbing & Heating merchants’ like-for-like value sales in the 12-months from August 2025 to July 2026 were +0.5% higher than the previous 12 months (August 2024 to July 2025). Like-for-like volume sales were -5.0% down, but prices increased +5.8%. There was no difference in trading days.
July’s PHMI like-for-like value sales index was 121.4. With two more trading days versus the base Index period, the unadjusted value index was 135.1.
Mike Rigby, Managing Director of MRA Research which produces the PHMI report says: “It was no surprise to anyone in construction that Housing Secretary Angela Rayner confirmed there was only a ‘slim chance’ the government would deliver on its pledge to deliver 1.5 million homes during its 5-year term.
“She was not giving up completely on the ‘stretch target’, but even the Government’s new – still undefined – plan to boost social and affordable housing construction is unlikely to bring the number of new dwellings anywhere close to hitting 300,000 a year. Savill’s latest predictions put new home completions closer to 167,500 a year up to 2029/30, a long way short.
“And there’s not much in the pipeline. The latest ONS data shows total construction output grew +0.1% in July, marginally bucking the trend of decreases in June (-0.1%) and May (-0.8%). This was driven by repair and maintenance (+0.8%) as new work fell by -0.4%.
“The main contributor to the decrease in new work in July – private housing – was down
-4.9%. In better news, private housing repair and maintenance output increased the most (+1.7%) in July. However, these breadcrumbs aren’t enough to help Plumbing & Heating Merchants make up for the shortfall in orders created by the housebuilding slowdown.
“With the budget barely a month away, the Government is being tight lipped about its content. Will Chancellor John Healey’s red box include support for housebuilding? The Ministry of Housing, Communities and Local Government (MHCLG) published a review of Help to Buy on 15th September which found that it contributed to a +15% increase in housing supply over the course of the scheme. Another report also found that far from being a net cost to the Treasury, the Help to Buy scheme returned a clear net positive ROI! So, it looks a no brainer. But we wait and see!”
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.
