LSL
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Latest property news
Leading property firm share prices fall as Woodford investment saga continues
Stock in most of the leading estate agency groups and many house builders took a tumble yesterday as City jitters over Kier announcement spread.
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Latest property news
LSL’s branch bloodbath drives down revenues by 9.3% during first quarter
LSL has revealed that the cull of more than half of its network of Your Move and Reeds Rains branches earlier this year helped drive down revenue at the two businesses by over 9%. The company says this is ‘slightly better’ than it had expected following the reduction of directly-owned branches from 308 to 144. LSL’s announcement is made within its results for the first quarter of the year and, despite claiming that its branch reduction is going better than expected, overall revenue at LSL’s estate agency business reduced by 8.5% to £39.2 million. The drop in both sales and lettings revenue at Your Move and Reeds Rains has been blamed on both ‘soft market conditions’ and the reduction of its branch network. Other highlights from its most recent trading update include a 10% reduction in revenues at its upmarket London agency Marsh & Parsons. Strong performances Despite lower income from its estate agency businesses, the company’s overall performance held steady. Group revenue increased by 5.7% helped by strong performances at its surveying and financial services companies. Surveying did particularly well where revenues jumped by 40% during the first quarter of the year. “We continue to remain cautious on the…
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Latest property news
MPs turn up heat on letting agents over ‘No DSS’ adverts
Parliamentary investigation is to hear from senior executives at LSL and Hunters next week.
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Latest property news
LSL writes down its investment in Yopa by 60% as profits nosedive
Group now says the value of its shareholding in the hybrid agency is worth £7.4 million as it also announces profits down by 24% during 2018.
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Latest property news
Two former LSL executives snap up 39 Your Move and Reeds Rains branches
David Newnes and Nigel Favas have set up a new company to operate the offices as franchisees.
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Latest property news
Latest Your Move and Reeds Rains branch closures are in North East, reveals LSL
Company says that although half a dozen branches are closing, 11 enlarged 'keystone' branches are to be established.
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Latest property news
Two industry giants sign up to ‘modern’ mortgages system
Both Connells and LSL's financial services arms have committed to using Twenty7Tec's Mortgage Source and Apply systems this year.
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Latest property news
Ewemove offers redundant LSL staff free franchises and £24k loan
As hundreds of Your Move and Reeds Rains staff face losing their jobs, hybrid agency says it has agreed deal with parent company to finance franchise offer.
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Latest property news
Reeds Rains closures: trading one day, gone the next
Just days after announcing that it would close 43 offices across the UK as part of a wider network reduction, branches have already begun closing and staff laid off.
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Latest property news
Former LSL director invests in estate agency marketing platform BriefYourMarket
Estate agent marketing platform BriefYourMarket has received an undisclosed but ‘significant investment’ from former LSL director and co-founder David Newnes. Newnes left LSL four years after being part of the management buyout team that purchased a clutch of businesses including estate agency Your Move and surveying platform e.surv from Aviva in 2010. The 60-year-old says he has been working as a non-executive director with BriefYourMarket since 2016, and used its services while at LSL. “This is a really exciting tech business that is growing rapidly,” he says. “I’ve enjoyed working with the business over the last 18 months and can see the huge opportunity that it has ahead. “In a tough market, the organisation with the best marketing and the largest market share wins – and still makes profits. “BriefYourMarket.com helps companies achieve this and [was] a “PropTech” business before the term even existed. The business provides unique, tailored, multi-channel, highly cost-effective, marketing solutions.” Newnes has invested in or helped steer several businesses and organisations since he left LSL including app-based concierge firm AskPorter and hotel chain Berkeley Inns. He is also a director of industry charity Agents Giving. Damon Bullimore, CEO of BriefYourMarket (left), says: “David’s experience has already made…
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