LSL
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Latest property news
In a nutshell: the property share price freefall
If the share price of the UK’s residential stockmarket-listed corporates are the bellwether of the industry’s future health then estate agents should be battening down the hatches. Investors in London’s stock exchange clearly think Brexit, the recent Stamp Duty increases and last week’s letting fees ban are going to make selling or renting homes harder and less profitable in the coming months. Share prices have dropped alarmingly. Compared to a year ago when Brexit was still only a possibility, Countrywide’s share price is down by 52%, Foxtons by 37%, LSL Property Services by 33%, Belvoir Lettings by 15.7% and Savills by 13.9%. Even the industry’s digital superstars, so beloved of the City in recent years, have taken substantial hits including Purplebricks (-31%) and Rightmove (-11%) although Zoopla, whose model has helped its share price grow since August, is only down by half a percent as is Belvoir Lettings. Savills has also done better during the recent bloodbath which UBS analyst Heidi Richardson says is because the stockmarket knows only 9% of its sales come from selling homes in the UK. Purplebricks survived the lettings fees ban much better than its more traditional competitors after rushing out a statement that the…
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Latest property news
Who are the best paid CEOs in property?
In April this year it was revealed that Foxtons CEO Nic Budden had been awarded a 19% pay rise which is likely to boost his salary to £2.3 million for 2016, up from his 2015 salary of £856,000, making him one of the best paid CEOs in property. He is one of an elite group of business leaders in our industry who earn six and seven figure total pay packages and lead companies with thousands of employees from multi-agency group to the big portals. But except for Alison Platt of Countrywide and Alex Chesterman of Zoopla, this high-flying club of top executives is a largely anonymous and invisible bunch who rarely venture out into the public eye, and whose performances are rarely examined or discussed despite being responsible for the livelihoods of many thousands of property professionals. So how do they measure up – are their public limited companies doing well? 1. CEO: Mark Allan (until June), £2.4m Company: Unite Sector: Student accommodation Revenue: +10% Share price: -12% Profit: +260% 2. CEO: Nick McKittrick, £2.3m Company: Rightmove Sector: Portals Revenue: +25% Share price: +83% Underlying profit: +16% 3. CEO: Jeremy Helsby, £2.29m Company: Savills Sector: Sales and lettings…
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Agencies & People
LSL acquires major stake in Thomas Morris
The acquisitions arm of LSL, LSLi, has acquired a significant shareholding in Thomas Morris estate agents which covers Cambridgeshire, Hertfordshire and Bedfordshire. Four of the seven previous partners have now exited the business as a result of the major stake snapped up by LSLi, the holding company for several estate agency brands based largely in the Home Counties with a combined network of 57 branches made up of wholly owned and franchise branches, including Intercounty, Frosts, JNP, Goodfellows, Davis Tate, Lauristons, Lawlors, Hawes & Co and Thomas Morris. Simon Bradbury (left), who along with Russell Sansby and Kevin Thomas, is remaining with Thomas Morris, keeping hold of an equity share, said: “Our experience with LSLi over the last few months has been extremely positive. “What we’ve found most appealing about the whole experience is that we will continue to run Thomas Morris but we also now have the backing of the second largest estate agency group in the UK, who understand our business, and which means that together we will continue to invest in Thomas Morris. “Most importantly the deal provides added security and additional opportunities for all the staff at Thomas Morris. We’re all really excited about the future.”…
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