Marshalls slashed around 250 jobs in the first half as the building materials supplier's profits were hit by a slowdown in the property market.

The paving stone specialist's adjusted profit before tax was down by 26 per cent to £33.2 million year-to-year for the six months to 30 June.

CEO Martyn Coffey said the job cuts were necessary after "challenging" market conditions "led to a material reduction in volumes across all three of our reporting segments", Mail Online reported.

Rivals Travis Perkins and SIG have also been hit by the building slowdown, which has been driven by rising interest rates and their impact on mortgage rates.

Earlier this month, Travis Perkins said that it expects adjusted operating profits, which shrunk by 31 per cent in the first half, of about £240 million for the full year, compared to £295 million in 2022.

SIG also warned that profits are set to come in at the lower end of forecasts, amid ailing demand across Europe and a spike in operating costs.

Housebuilder Taylor Wimpey also warned this month that higher mortgage rates are weighing on potential customers' ability to afford to buy new homes.

Marshalls, which benefited from homeowners upgrading their gardens and driveways during the pandemic, said it had seen a '"arked" softening in demand.