The parent company of Your Move and Reeds Rains estate agents, LSL Property Services, says group turnover was down over 22% for the first ten months of this year compared with the same period in 2007.
In an interim management statement this week, LSL spoke of “an extremely challenging housing market” and said that estate agency and financial services turnover had plunged one-third. The group has taken “sizeable cost reduction measures”.
However, it added: “Transaction volumes in the estate agency division have stabilised in recent weeks and are slightly ahead of expectations. This, together with cost efficiencies commensurate with lower activity levels, gives us confidence that the division will perform slightly ahead of our expectations for 2008.”
LSL has put new emphasis on lettings and repossessions and says these are making a “significant contribution” to overall revenue.
The statement underlines that LSL has borrowing arrangements with banks in place until July 2011, but is not planning for any market recovery next year.
No market recovery yet, says Your Move group
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Comments
I think EAT now has the capability and the visitors to get all agents together and create an action group to start their own portal! Actually that is a great idea come to think of it!! Seriously EAT, what do you think about starting your own portal, I am up for it? If all agents got behind it from the start and advertised it on all their newspaper adverts and letterheads then it would fly! What does anyone else think of this idea?
WOW, perhaps they could announce something that we dont know insted of "no shit sherlock" statements
You have to wonder how long Aviva will keep bank rolling Your Move when Aviva themselves are struggling in the current climate.
Having worked for your move, they will suffer as they rely on getting applicants to take mortgages and other financial services as well as buying, with recent events, this part of the business will bring down profits hard.