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Strong mortgage and surveying divisions help LSL weather sales downturn

Despite sales revenues falling by 9% across its three agency brands, LSL beat its own revenue forecasts thanks in part to its huge surveying contract with Lloyds and buoyant lettings.

Nigel Lewis

Your Move and Reeds Rains parent company LSL has reported buoyant trading for the final six months of 2018, helping the company beat its own forecast for the year.

The group, which operates 441 branches across the UK through its three brands including upmarket London agency Marsh & Parsons, has been helped considerably by its financial services and surveying divisions, both of which increased their turnover significantly.

Income from financial services leapt by 17% year-on-year, while surveying increased its revenues by 25% over the final six months of the year as its huge contract with Lloyds Bank began.
LSL’s estate agency operation was less buoyant – revenue from sales dropped by 9% year-on-year while lettings income increased by just 4%, helped in part by the acquisition of six lettings books last year.

Marsh & Parsons

Its London brand Marsh & Parsons did well during 2018, although this is a relative quality as the capital’s housing market continues to take a beating.

Sales revenues at Marsh & Parsons were down by 13% year-on-year, although lettings increased by 4%. The agency opened a new branch in Chiswick last year.

But despite today’s bullish financial update, LSL remains ‘cautious’ about the UK property market this year, as it warned during it previous financial update in November, “given the continued uncertainty over the UK and global political environment and the potential impact on UK consumer confidence,” today’s statement says.

“Nevertheless, we are confident that LSL, with its market leading brands and broad portfolio of property services, remains well positioned.”

January 22, 2019

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