I have spoken to a lot of developers over the past few weeks.

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Most of them are worried. Some have paused. A few have stopped altogether. And I understand why. The closure of the Strait of Hormuz sent energy markets into a spin, and when energy moves, construction costs follow. That much is true.

But here is what I keep telling people. The picture is not as uniform as the headlines suggest. Yes, some materials are getting more expensive. But others are not moving at all. And in some parts of the market, conditions are actually getting easier. If you are making big decisions based on fear alone right now, you are probably leaving money on the table.

Steel is surging, and too many developers are not ready for it

Steel is taking a hit. It is one of the most energy-intensive materials, and with oil surging past $100 a barrel almost overnight, the cost of producing it has jumped. I am also seeing freight costs climb, which means even stock sitting in UK warehouses is being repriced. Quotes from January are not worth much today.

Cement and concrete are moving in the same direction. Cement kilns burn enormous amounts of gas. When gas prices rise, manufacturers pass it on quickly. Industry analysts are warning this could permanently reset price baselines rather than bounce back after a ceasefire. That is the bit people are not taking seriously enough.

Copper is an interesting one. Many people do not realise the Gulf........

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