As the above image shows, no matter what currency, $6 or £6 buys you less in an inflationary period. With building works, same principle applies. Your budget shall build you less m2/ft2 today, as compared to same period last year and due to continue during 23/24, albeit at a slowing rate of increase.

If planning to build, shrink your floorplans to counter inflationary effects and effectively hedge against inflation.