In its latest Trading Update LSL Property Services says that its revenue rose 3.7% to £270.5m in the ten months to 31 October. Estate agency revenues rose overall, although a rise in lettings was tempered by a fall in residential sales activity in a “challenging London market”. Revenues from surveying and financial services both increased.
The board said that it anticipates the full year 2018 Group Underlying Operating Profit will be “in line with its prior expectations.”
The company added: “Market activity levels have remained subdued in 2018. With continued uncertainty over the UK and global political environment and the impact on UK consumer confidence, we continue to remain cautious on the market outlook for 2019.”
LSL Property Services plc provides residential property services incorporating both estate agency, financial services and surveying with Marsh & Parsons as its flagship London brand.
It would be unusual if a trading update from a property group didn’t point towards uncertainty in the market at the moment. However, reading between the lines, the statement suggests that a shift from selling property to selling services could be the way ahead for some in this sector.
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