PHMI: P&H Merchants’ October Value Sales Edge Up +0.8% But Volumes Down -2.1% Y-o-Y

The latest figures from the Plumbing & Heating Merchant Index (PHMI) report show total value sales for October 2025 through specialist plumbing and heating merchants were up +0.8% compared to October 2024. Volume sales decreased -2.1% while prices increased +2.9% year-on-year.

But with one extra trading day in October, month-on-month like-for-like value sales were +5.8% higher than September. Total value sales, which don’t take the difference in trading days into account, were +10.6% higher in October, compared to the previous month. Unadjusted volume sales were +7.7% higher, and prices were up +2.7%.

Total value sales in the three-month period from August to October 2025 were +1.7% higher than the same period the year before (August to October 2024). Total volume sales were down -2.4% and prices rose +4.2%. There was no difference in trading days.

Like-for-like value sales in the three months August to October 2025 increased +7.2% compared to the previous three-months, May to July 2025. Without the adjustment for the extra trading day in the most recent three-month period, total value sales were +8.9% ahead of the previous three months. Total volume sales were +3.8% higher, while prices rose +4.9%.

With one less trading day in 2025, year-to-date like-for-like value sales for January to October were +3.2% higher than the first ten months of 2024. The unadjusted total value sales for January to October 2025 were +2.7% more than the previous year, but total volume sales were flat, while prices increased +2.7%.

Like-for-like Plumbing & Heating merchants’ value sales in the 12-month period November 2024 to October 2025 increased +2.2% compared to the previous 12-months (November 2023 to October 2024). Without the adjustment for one less trading day in the most recent period, total value sales in the last 12 months were +1.8% up on the last 12 months. Total volume sales were up +0.5%, and prices increased +1.3%.

October’s PHMI like-for-like value sales index was 108.3, adjusted to account for two additional trading days this month versus the index base period. The unadjusted index was 120.6.

Mike Rigby, Managing Director of MRA Research which produces the PHMI report says: “Plumbing & Heating merchants saw stronger October sales than September’s, and a stronger last three months’ performance. But is this just a seasonal lift, and can growth be sustained?

“The latest ONS statistics show that total construction output fell -0.3% in the three months to October 2025, and monthly construction output for the month fell -0.6%, with private housing repair and maintenance the biggest contributor (-2.3%) to the decrease in output.

“The weakness in RMI is unsurprising given protracted uncertainty in the run up to the November budget, and the lack of feelgood factors in it to lift the spirits. The latest GfK Consumer Confidence index registered a -2 point drop in November to -19 with all metrics taking a hit, particularly the Major Purchase Index, which fell -3 points. The general economic picture was a concern for consumers, as expectations for the year ahead dropped -2 points to -32, 6 points below November 2024.

“It’s also taking longer than expected for housebuilding to respond to Government aspirations to build 300,000 homes a year for the duration of this parliament. Planning reforms, supposed to unlock the constraints on developers to deliver more homes, have hit the buffers again as a senior advisor quits after disagreements at the top of government about deregulation. Unless the government can get its own house in order, and quickly, progress in removing planning red tape is going to be stifled, and that’s not good for construction or the building materials supply chain which supports it.”

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