Slow start to the year then things improve, says LSL
Sun 19 May 2013
LSL, parent company to Your Move and Reeds Rains, has reported a slow start to the year, with lower transaction levels. But, it told shareholders in a trding statement, the situation has since turned around.
Turnover in the estate agency division was 2% down in the three months to the end of March. But in the first four months it was 1% up on the same period last year.
The group, whose other activities include surveying and mortgages, said that turnover as a whole was 9% down for the first three months, recovering to 6% down in the four-month period.
It said the estate agency division had traded well against the market backdrop of lower sales and mortgage approvals figures, with lettings growth up 10% year on year.
It reported good progress at Marsh & Parsons, the London business it acquired last year. LSL says that market transaction volumes are now improving, and will be helped further by the Help to Buy mortgage indemnity scheme being launched next January.
The group now plans to accelerate investment in its estate agency division and to increase the rate of new openings in London by Marsh & Parsons. LSL CEO Simon Embley said the business was well positioned to benefit if market volumes continue to improve.