Like-for-like value sales through specialist plumbing and heating merchants increased by +2.7% in November 2025 compared with the same month last year, according to the latest Plumbing & Heating Merchant Index (PHMI).

However, with one fewer trading day in November 2025, unadjusted value sales were down -2.2%. Unadjusted volumes fell -6.5%, while prices rose +4.6% year on year.

Month-on-month performance hit by fewer trading days

Compared with October 2025, like-for-like value sales in November were +6.8% higher. But with three fewer trading days in the month, unadjusted value sales were -7.1% lower.

Unadjusted volume sales declined -10.2% month on month, while prices increased +3.5%.

Three-month and year-to-date trends

Over the three months from September to November 2025, like-for-like value sales were +1.6% higher than the same period in 2024. With no difference in trading days, unadjusted value sales also rose +1.6%. Volumes were down -1.8%, and prices increased +3.4%.

Compared with the previous three-month period (June to August 2025), like-for-like value sales in September to November increased +16.5%.

With one extra trading day in the latest period, unadjusted value sales were up +18.3%. Volumes rose +10.5%, while prices increased +7.1%.

For the year to November, like-for-like value sales were +3.1% higher than the first eleven months of 2024. With two fewer trading days this year, unadjusted value sales rose +2.2%. Volumes were marginally down at -0.6%, while prices increased +2.9%.

Looking at the rolling 12-month period from December 2024 to November 2025, like-for-like value sales were +2.4% ahead of the previous 12 months.

With one fewer trading day, unadjusted value sales grew +2.0%. Volumes slipped -0.2%, while prices increased +2.1%.

November’s PHMI like-for-like value sales index stood at 115.7. With one fewer trading day compared to the base period, the unadjusted value index was 112.0.

Budget uncertainty impacted November sales

Mike Rigby, Managing Director of MRA Research, which produces the PHMI report, said:

“During November, in the run up to the budget, the Government created so much uncertainty and unease that many consumers and businesses just sat on their hands and paused their spending on larger items and projects until they could see what the Chancellor announced.

“In the event, the budget was less extreme than expected. Consumers and businesses breathed a little easier and got back to plan, but by then the damage had been done to November’s sales.

“Consumer confidence dropped two points in November to -19, according to the GfK Consumer Confidence index. But then, in a national sigh of relief, all five measures of confidence were up in December compared to November, and the overall index recovered two points to -17. The major purchase index was up four points to -11 from -15 in November, which is a very positive indicator of future spending on RMI and larger home projects.

“But overall confidence at -17 is the same as in December 2024, so the year as a whole has not progressed, and the country is still waiting for the better times it voted for to materialise.”