P&H Merchants’ January like-for-like value sales up +3.0% year-on-year, but price drives the increase
The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total like-for-like value sales (adjusted to remove the impact of trading days) for January 2026 through specialist plumbing and heating merchants were up +3.0% compared to the same month the year before. Like-for-like volume sales were down -2.8%, however prices rose +6.0%.
With one less trading day in January 2026, unadjusted total value sales were down -1.7%. Unadjusted volume sales declined -7.2% and prices increased +6.0%.
Compared to December, January like-for-like value sales were +9.0% higher, with like-for-like volumes sales up +13.2% but prices down -3.7%. With three extra trading days in January, unadjusted total value sales were up +27.2%. Unadjusted volumes increased +32.1% and prices fell -3.7%.
Like-for-like value sales in the three-months November to January rose +1.4% compared to the same period the year before year (November 2024 to January 2025), but like-for-like volumes sales decreased -3.7% while prices increased +5.3%.
There was one less trading day in the most recent three months, so without the adjustment, total value sales were -0.2% down. Total volume sales were -5.3% lower and prices increased +5.3%.
Compared to the previous three-months (August to October 2025), November to January’s like-for-like value sales increased +5.4%, but like-for-like volumes fell -1.8% while prices increased +7.3%. With six fewer trading days in the most recent three months, unadjusted value sales were -4.3% lower. Unadjusted volume was -10.8% lower and prices increased +7.3%.
Plumbing & Heating merchants’ like-for-like value sales in the 12-month period February 2025 to January 2026 were +2.9% higher compared to the previous 12-months (February 2024 to January 2025). Like-for-like volume sales were -1.1% lower, with prices up +4.0%. With two less trading days in the most recent 12-month period, unadjusted value sales were up +2.1% while unadjusted volume sales were down -1.9%, and prices up +4.0%.
January’s PHMI like-for-like value sales index was 138.1. With one less trading day compared to the base period, the unadjusted value index was 140.3.
Mike Rigby, Managing Director of MRA Research which produces the PHMI report says: “The last six years have been a roller coaster of overlapping economic shocks that have left painful scars: a protracted, mismanaged Brexit; a precipitous drop in GDP (-19.8% between April to June 2020) during Covid, and post-Covid supply chain disruption and inflation; Russia’s invasion of Ukraine causing global energy and food prices to spike; Liz Truss’ September 2022 bond market crisis; Rachel Reeve and Starmer’s puncturing of voters’ hopes and confidence; and Trump’s crazy Tariff War and insults to allies. Whew!
“And, just when we were looking forward to a quieter, more stable 2026, the US Government threatened to grab Greenland, did grab the president of Venezuela, and then with Israel killed the leaders of Iran and set off a Middle Eastern war that has reignited inflation and is triggering supply shocks worldwide. Goodbye stability!
“And yet… despite the wall-to-wall disasters and chaos of the last six years, our animal spirits, natural optimism, hopes and expectations won’t lie down. Ask consumers how they rate the Government and prospects for the economy and they give a big thumbs down but ask how they rate their own financial prospects and you get a cheerier more positive answer. Ask businesses the same, and you get a similar response.
“Plumbing & Heating merchants will be apprehensive about the impact of the war on business and consumer spending, inflation and margins, but the renewed focus on energy efficiency – thanks to doubling fuel costs – can also be a driver for growth. With the Future Homes Standard coming into play, and the push for low carbon homes, there is a real opportunity for merchants to support the delivery of more resource efficient homes which reduce homeowner bills as cost-of-living rises to the top of consumer concerns.”
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.
Following feedback from national and some large regional merchants, MRA Research has made a few changes to the way the plumbing and heating merchants’ sales data is presented in the PHMI reports. More prominence is now being given to like-for-like sales metrics which, adjusted for trading day differences, give a better and more consistent measure of activity than unadjusted total value sales. Most merchants use both unadjusted sales values and like-for-like measures, adjusted for trading days, to give them an accurate steer on the market. There will be further small changes over the coming months to PHMI reporting, with further updates coming in due course.
To download the latest report, or learn more about becoming an Expert, speaking on behalf of your market, visit www.phmi.co.uk.
