P&H Merchants’ February like-for-like value sales were down -0.4% as volumes fell -4.1% and prices increased +3.9%
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 February 2026 through specialist plumbing and heating merchants were -0.4% lower than the same month in 2025. Like-for-like volume sales were down -4.1%, but prices increased +3.9%. There was no difference in trading days.
Compared to January, February like-for-like value sales were +0.6% higher, with month-on-month like-for-like volumes sales up +1.1% while prices were down -0.5%. With one less trading day in February, unadjusted total value sales were down -4.2%. Unadjusted volumes fell -3.7% and prices were down -0.5%.
Like-for-like value sales in the three-months December 2025 to February 2026 were up +0.4% compared to the same period the year before (December 2024 to February 2025), however, like-for-like volumes sales decreased -4.4% while prices went up +5.1%. There was no difference in trading days, so without adjustment, total value sales were the same.
Compared to the previous three-months (September to November 2025), December 2025 to February 2026’s like-for-like value sales decreased -3.7%. Like-for-like volume sales were -7.9% lower while prices were +4.6% higher. With six less trading days in the most recent three-month period, unadjusted value sales were -12.6% lower. Unadjusted volume sales were -16.4% down and prices increased +4.6%.
Plumbing & Heating merchants’ like-for-like value sales in the 12-months March 2025 to February 2026 were +2.6% higher than the previous 12 months (March 2024 to February 2025). Like-for-like volume sales were -1.9% down but, prices increased +4.5%. With one less trading day in the most recent 12-month period, unadjusted value sales were up +2.1% while unadjusted volumes were down -2.3%, and prices up +4.5%.
February’s PHMI like-for-like value sales index was 139.0. With one less trading day compared to the base period, the unadjusted value index was 134.5.
Mike Rigby, Managing Director of MRA Research which produces the PHMI report says: “It’s hard to see an end to the war in Iran. The Strait of Hormuz is subject to blockades from Iran and the US and peace talks are going nowhere. Meanwhile the rest of the world is being held over a barrel (an oil one). About one month from now, when average stocks run out, the global economy will be facing the consequences of a physical gas and oil shortage of about 10 million barrels a day, according to brokers Wood Mackenzie. That’s equivalent to an economic hit like Covid.
“Unsurprisingly, the latest GfK Consumer Confidence Index shows a -4-point fall in April, to -25 – the third consecutive month of decline – with consumer expectations of the general economic situation over the next 12 months, falling -6 points to -43. The major purchase index, indicative of potential spending on home improvements, remains at -18, while the savings index increased a further +5 points to 32. Consumers are favouring saving over spending.
“That said, there is one other place that consumers are increasingly keen to put their money. With rising oil and gas prices and an increase in the energy cap to come in July, there is considerable consumer interest in more sustainable living solutions to both lower household bills now and uncouple from further erratic fuel prices. Octopus Energy and British Gas both cite record increases in solar and heat pump enquiries.
“This is a significant opportunity for plumbing and heating merchants at a time when good news is in short supply. Whether it’s energy or water, pushing products that save consumers money will help drive sales in an otherwise difficult market.”
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.
