It has been a poor year so far for the property industry, LSL has reported in an interim management.
The parent company of Reeds Rains and Your Move estate agency chains, as well as mortgage and surveying businesses, said that the housing market has weakened since the start of 2011.
It said house purchase mortgage approvals were down 2.7% in the first quarter compared with the same period a year ago.
Reporting on this year up until May 17, LSL said that the extended holiday periods in April will have had a further significantly negative impact on the market. It said activity levels in the month were disappointing, although they had picked up since.
The LSL group has, however, traded in line with expectations, although its surveying business was down.
LSL has told shareholders that it retains a cautious view of the market for 2011, given the continued shortage of available mortgage finance and general economic uncertainty. However, it intends to make further acquisitions to grow the group.
Comments
Pitty real staff buying those shares recently.
Reeds Rains in our Town are overvaluing and touting for England to no Avail. I think jobs/closures may be on th Menu
I predict it is going to be a very bad year for over priced sellers and things are going to get worse.
I feel a superinjunction coming on
Maybe they should stop over-valuing. Then they might sell a few.
Care to reveal your source?
Or should we assume it's a pub discussions you overheard, which let's face it, aren't really all that official or reliable are they?
I heard that they were cutting costs!!!!!