Q2 P&H Merchant sales down -0.2% year-on-year. Volumes down -7.8%

Posted 28th August 2026

The latest Plumbing & Heating Merchant Index (PHMI) report, published in August, shows like-for-like Q2 value sales, adjusted to remove the impact of trading days, were -0.2% lower than Q2 2025. Like-for-like volume sales were down -7.8%.

With no difference in trading days, unadjusted total Q2 value sales were also -0.2% lower with unadjusted volume sales decreasing -7.8%. Prices were up +8.2%.

Quarter-on-quarter, like-for-like Q2 value sales dropped -9.2% compared to Q1 2026. Like-for-like volume sales were down -6.7%. With two fewer trading days in the most recent quarter, unadjusted total value sales were -12.0% lower and unadjusted volumes down -9.6%. Prices were also down -2.7%.

June’s like-for-like value sales fell -2.0% compared to the same month the previous year. Like-for-like volume sales declined -10.9% while prices rose +9.9%. With one additional trading day in June compared to June 2025, unadjusted value sales were up +2.6%, with volumes down -6.7% and prices increasing +9.9%.

Month-on-month, June’s like-for-like value sales were -8.9% lower than May, with volume sales down -8.2%. With three extra trading days in June, unadjusted value sales increased +5.4%. Unadjusted volume sales were up +6.3% while prices were down -0.8%.

Like-for-like value sales for the 12-month period July 2025 to June 2026 rose +0.8%, compared to the same period a year before (July 2024 to June 2025). Like-for-like volume sales were down -4.4% while prices were +5.4% up. With no difference in trading days, unadjusted total value sales were also up +0.8%, with unadjusted volume sales down -4.4% and prices rising +5.4%.

The like-for-like PHMI Index for June 2026 was 117.6. With one less trading day compared to the Index base period, the unadjusted value Index was 125.2.

Mike Rigby, MD of MRA Research who produce this report, says: “Overall construction output is anaemic, as the latest ONS data reveals a +0.3% increase in Q2 output compared to Q1 but -2.0% lower than Q2 2025. Five out of the nine construction sectors grew in Q2 2026 with infrastructure new work, the strongest up, +1.9%.

“Despite monthly construction output falling -0.1% in June, following a decrease of -0.8% in May, and a decrease of -0.1% in April, the overall level of output in Q2 was higher than in Q1, the ONS says, because the fall in April 2026 followed a particularly strong March.

“Housebuilding continues to meet significant headwinds. The latest National House Building Council (NHBC) numbers put Q2 new home registrations down -4.0% year-on-year, with cost pressures and geopolitical uncertainty affecting house builders’ performance. The prolonged dry weather has also thrown a new issue into the mix – water. Analysis by Public First, commissioned by Water UK, shows that England only has sufficient water for 420,000 of the 1.5 million homes the government wants built during its parliamentary term.

“The appointment of Andy Burnham as Prime Minister has lifted spirits though. Alongside England’s World Cup success and months of wall-to-wall sunshine, the GfK Consumer Confidence Index is looking more optimistic, with August’s figure showing a three-point overall improvement compared to July, and a five-point increase in people’s views on the general economic situation over the coming 12 months. Better yet, there was a five-point jump in the Major Purchase Index; a good omen for residential RMI projects.”

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.