Ibstock Sales Plunge 22% as UK Housebuilding Downturn Deepens; Brickmaker Slashes Production

Sales at Ibstock, the UK's largest brickmaker, fell by 22% below expectations in the third quarter, reflecting a deepening housing market downturn. The Leicestershire-based company has responded by cutting production by a fifth, citing weak demand from housebuilders. Ibstock also criticized the government for delays in introducing measures to support the housing sector, warning that the slowdown could have broader economic consequences. The sharp decline underscores the challenges facing the construction industry amid rising interest rates and economic uncertainty. With no immediate policy relief in sight, the brickmaker's outlook remains cautious, and further adjustments may be necessary if conditions do not improve.