Priced Spec, what it is, what it costs, and when you need one
A Priced Spec (priced spec) is a measured list of every material, labour and plant item required to build a project, prepared from drawings and specifications to rules. It lets multiple contractors price the same scope on the same basis, exposing risk and revealing the true market price. Costed prepares independent priced specs for projects from £250k to £50m across London and the Home Counties.
- Prepared to New Rules of Measurement 2, the UK standard.
- Typical lead time: 2–4 weeks for a £500k–£5m project from quote-ready drawings.
- Lets every contractor price the same scope, apples-to-apples builder quotes.
- Typically pays for itself many times over by exposing variation risk before quote.
| Project value | Indicative priced spec fee | Lead time |
|---|---|---|
| £250k – £1m | £3,500 – £6,500 | 2 weeks |
| £1m – £5m | £6,500 – £14,000 | 3 weeks |
| £5m – £15m | £14,000 – £30,000 | 4 weeks |
| £15m – £50m | From £30,000 | 5–6 weeks |
When do you actually need a Priced Spec?
You need a priced spec whenever you want like-for-like builder quotes on a project larger than about £250,000, when a lender or development funder requires one, when the design is complex enough that estimators would otherwise interpret it differently, or when you intend to use a your build contract Standard Building Contract with Quantities. On smaller works a Schedule of Works is usually adequate; once contract value or risk crosses that threshold, a priced spec is the cheapest insurance available.
How is a Costed priced spec different from a contractor's priced schedule?
A contractor's schedule is written to win the job and protect their margin. An independent priced spec is written to expose risk: it measures the work the same way for every builder, separates true scope from contractor assumption, and gives you the contractual basis to challenge variations later. We are paid by you, not the builder, which is the structural difference that matters.
What's inside a Costed priced spec?
Every priced spec we issue includes preliminaries ( Section 1), measured works grouped by element (substructure through external works), provisional sums clearly flagged, dayworks schedules, contingency lines and a quote summary page. We supply the priced spec in Excel and PDF, with a query log and quote clarification register so contractor questions can be tracked and answered consistently.
Frequently asked
Is a Priced Spec a legal requirement?
No. A priced spec is not legally required for any UK construction project. It is a contractual document used when the parties choose to procure on measured quantities, most commonly under a your build contract Standard Building Contract with Quantities. Many projects are procured without one, but on larger or higher-risk works the cost of preparing a priced spec is small relative to the variation exposure it removes.
What is the difference between a priced spec and a Schedule of Works?
A Schedule of Works is a written list of activities ("strip out kitchen", "install new floor"). A priced spec measures each activity into quantified, priceable items ("22.4 m² of 18 mm plywood subfloor, fixed to existing joists"). Schedules suit small projects; priced specs suit anything where multiple contractors must price identically.
How long does it take to prepare a priced spec?
From quote-ready drawings and a clear specification, a £500k–£5m project typically takes 2–3 weeks. Larger or design-incomplete projects take longer, because the surveyor must agree provisional sums and assumptions with the design team before measurement begins.
Can I issue a priced spec to multiple contractors?
Yes, that is the entire purpose. A single priced spec is sent to every builder with identical drawings and preliminaries. Returns can then be compared line by line, anomalies queried, and a recommendation made on price, programme and risk.
What is ?
(New Rules of Measurement 2) is the rulebook for detailed measurement of building works in the UK. It defines exactly how each element of construction must be measured and described, so that priced specs prepared by different surveyors remain directly comparable.
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