Building material supplier Marshall Company believes the outlook for the recovery of the UK housing market is bleak

Marshall Company stated that the anticipated recovery in the UK housing market has not yet materialized. CEO Matt Plummer said in an interview that although the Bank of England's consecutive interest rate cuts have made mortgages more affordable, there is a lack of confidence in the UK economy, which "hinders people from taking action," and they are waiting for the autumn budget for more clarity. Plummer stated, "From June to July, we did not see any substantial improvement. Earlier this year, there were encouraging signs in housing construction, but those signs have indeed weakened, and we do not see much progress in the new housing market, nor do we expect significant improvement in the second half of this year." The company reported a 17% decline in pre-tax profits for the first half of 2025 after adjustments for certain projects. Its stock price in London fell by as much as 3.7%. The company downgraded its earnings guidance last month and now expects adjusted pre-tax profits for the full year 2025 to be between £42 million and £46 million. This would be the lowest level since 2020, when the COVID-19 pandemic disrupted global supply chains and led to a halt in housing construction