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TODAY'S OTHER NEWS

What market slowdown? LSL agencies say 2017 is better than expected

LSL Property Services does not report its figures for the first half of 2017 until August 1, but even so it feels upbeat enough to put out a statement suggesting that the group is performing better than expected and enjoyed a particularly successful June.

LSL is the parent company of 12 agency brands including the London Marsh & Parsons firm, Your Move, Reeds Rains, Davis Tate and Thomas Morris. 

In a brief statement released to the Stock Exchange it says: “LSL ... expects to report strong interim results on August 1 ahead of the board's expectations and significantly ahead of the same period last year.”

It says that “the Estate Agency Division [is] performing ahead of the board's expectation and delivering strong growth in Lettings and Financial Services income, and with a strong performance by the Surveying Division.”

It says the full year 2017 underlying profits for the group “will be materially ahead of its prior expectations.”

In its figures for 2016, released in the spring, it reports pre-tax profits of £63.5m, up no less than 65 per cent from those of 2015, partly thanks to what it described as an “exceptional gain” of £32.9m on the sale of Zoopla shares.

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