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LONDON (Alliance News) - LSL Property Services PLC on Tuesday said it was cautious over the market outlook for 2017 given the reduction in residential sale activity levels in the second half of 2016 and uncertainty over UK economic conditions.
The residential property services provider said revenue for the ten months to the end of October was up 3.0% year-on-year to GBP258.0 million from GBP250.6 million, with growth in both Estate Agency and Surveying divisions.
However, LSL noted revenue for the four months to the end of October was down 3.4% year-on-year to GBP106.6 million from GBP110.4 million, reflecting lower activity levels in the residential sales market.
LSL said lettings revenue for the four-month period, meanwhile, was up 7.0% and Financial Services revenue was up 24%. LSL anticipates underlying group profit for calendar year 2016 in line with its expectations.
In light of the weaker residential sales market, LSL said it was cautious going into 2017, but noted that mortgage costs and availability "remain positive". The medium to longer-term fundamentals of the UK housing market also "remain positive", LSL said.
The group noted the UK government's proposed ban on fees for tenants, announced last Wednesday in the Autumn Statement, though added the government has not yet given any details on the scope or timetable of a consultation in relation to these changes.
"LSL will continue to monitor the UK government review of tenant fees and contribute to the consultation in due course," the group said.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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