LSL Property says house sale exchanges at highest for ten years

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LSL Property Services PLC (LON:LSL) said its residential sales exchange pipeline at 31 October was the highest for over ten years and more than 50% above a year ago as the housing market has roared back after lockdown.

Surveying revenue has also recovered quickly following May’s easing of COVID-19 restrictions, said the estate agent.

Trading had been strong across all of its three arms between July and October, said the main market listed agency and this has continued into November.

.Revenue was up year on year in each of the divisions last month, LSL added, and on a groupwide basis was around 6% above this time in 2019.

Sales exchanges had also risen again and were 60% ahead of last year with no sign yet of a slow-down, said LSL.

This strong performance will translate into underlying operating profits for the year to end December 2020 coming in marginally ahead of 2019, LSL noted.

Net debt has also fallen and allowing for deferred tax payments was £31mln at end October compared to £54.8mln a year ago.

For the year so far, group revenues for the ten months ended 31 October 2020 decreased by 18% to £214.3m (2019: £262.8m), though had been steadily improving since the end of lockdown restrictions.

 

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