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17 Mar 2026
Figures published by the BMF (Builders Merchants Federation) in the Plumbing and Heating Merchants Index (PHMI) for the final quarter of 2025 indicate that overall value sales growth through specialised plumbing and heating merchants stems from increased price rather than increased volume.
Year on Year
Quarter 4 2025 v Quarter 4 2024
With no difference in trading days between the two periods, total value sales in Q4 2025 increased by +0.7% compared with the fourth quarter of 2024. However, this reflects an increase in sales prices rather than growth in sales volume. Volume sales fell by -3.3%, while prices rose by +4.1%.
Quarter on Quarter
Quarter 4 2025 v Quarter 3 2025
Value sales in Q4 2025 show some improvement over those in Q3. Like-for-like value sales (adjusted to remove the impact of trading days) increased by +11.8% compared to the previous three months, July to October. Like-for-like volume sales increased by +2.9%, but price was the main driver, up by +8.6%.
With four fewer trading days in Q4 2025, unadjusted value sales for the Total Plumbing & Heating Merchants market were +4.9% higher. Once again, this was the result of price increases (+8.6%), while sales volume was down at -3.4%.
Full year v last year:
(January – December 2025 v January to December 2024)
Looking at the whole year, unadjusted value sales in 2025 increased by +2.4% over the 2024 figure. Volume sales were down by +0.7%, but prices rose by +3.0%.
With one less trading day during 2025, like-for-like value sales were +2.8% higher compared to 2024. However, like-for-like volume sales fell back slightly, down -0.3%.
The data for the PHMI is taken solely from P&H specialists, including City Plumbing Supplies, James Hargreaves Plumbing Depot, Plumbfix, PTS, Williams & Co, and Wolseley, who form part of NiQ GfK’s Plumbing & Heating Merchants Panel, and there is no overlap or double counting between the PHMI and the BMF’s established Builders Merchants Building Index which analyses sales at generalist merchants.