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TODAY'S OTHER NEWS

Transactions fall but LSL still shows bigger-than-expected revenues

LSL Property Services - which includes Your Move, Reeds Rains and other high street estate agencies - batted away any housing market gloom by telling shareholders that revenues for the 10 months to the end of October were up by 1.1 per cent.

In a trading statement the company says residential sales income in the four months ending on October 31 were 2.6 per cent down on the same period of 2016, reflecting fewer exchanges, but lettings were up 4.0 per cent and financial services revenue soared by 17.0 per cent.

On an annual basis in the year to October 31, residential sales revenue was down nine per cent with lettings up four per cent and financial services up 16 per cent.

The company also confirmed it had completed the sale of its investment in the Guild of Professional Estate Agents in July.

LSL’s board was optimistic enough to tell the City that the full year 2017 group’s underlying operating profit will be marginally ahead of its prior expectations.

The company says housing market activity levels have remained subdued throughout 2017 and with continued uncertainty over the UK’s economy and political landscape “we continue to remain cautious on the market outlook for 2018.”

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