Both myself and my tiler buddy have dropped our bathroom refurb rates.
Our main problem was when the building sites closed and lots of semi skilled guys (mostly plumber's mates and labourers) started flooding the market with their poorly equipped estate cars or tatty old vans and undercutting the "proper" tradesmen.
We would turn up to put an estimate in (say in the region of £1800 to £2000) and be told that so and so was prepared to do it for £500 !!!! No exaggeration.
On further enquiry we would be told that "so and so" had a cheap advert in the local rag, mobile phone no only, no sign written van, no 3rd party liability and payment for job would be strictly in cash with 1/2 up front for materials. No landline and no address to complain to, no warranty. This was quite common for a while.
We picked up 3 jobs where these kind of guys had started a refurb and then either the completed job was rubbish and had to be done again, or they disappeared part way through when something had not gone to plan, or they didn't have the tools to complete the work.
This was not just a blip. This went on for months and we had no choice but to cut our costs to the bone just to bring in any work. In the area where we live we would chat with other tradesmen and be told it was endemic. The only guys who weren't so badly affected were the Gas Fitters, since it would appear people were not so stupid as to compromise on Gas Safety.
When the sites re-opened "hey presto" these clowns pretty much disappeared overnight, in some cases leaving people with unfinished projects.
However, its taking a little while for prices to recover, but it is happening.