Savills ProgrammE and Cost Sentiment Survey (S.P.E.C.S) tracks trends in construction costs and timescales across different UK property sectors. The Q3 2016 data shows that new build and refurbishment costs are generally rising, indicated by a S.P.E.C.S cost score of 13, while timescales are getting quicker, with a score of -7. Contractors have significant control over pricing and timelines due to high demand and limited supply in London, pushing up prices. Overall refurbishment and fit-out costs have risen across most sectors as development pipelines remain above historical averages.