Michelmersh said UK brick prices were largely unchanged in the first half but that could change as supplies come under pressure.
It said: “There are now clear signs that the significant industry de-stocking which started in 2009 has come to an end.
“Whilst this has still not translated into price recovery, there are early signs that these stock levels are now under some pressure across the industry.
“Translation of these dynamics and increased housing activity into price recovery will be the determinant whether sales price growth exceeds cost inflation.”
Michelmersh landed a string of major orders in the first half including Lend Lease’s new Elephant and Castle regeneration scheme, Liverpool University student accommodation, Ercall Wood Technology College in Telford and the Seaburn and Roker re-development.