LSL warns profits may be ‘below prior expectations’
LSL has warned profits may be lower than expected as mortgage and housing activity slumps.
In a trading update this morning, the agent said group revenue for the 10 months to the end of October had kept pace with 2021, at £276.1m.
Market share for the purchase and remortgage market increased to 10.2%, from 9% last year.
LSL has warned profits may be lower than expected as mortgage and housing activity slumps.
In a trading update this morning, the agent said group revenue for the 10 months to the end of October had kept pace with 2021, at £276.1m.
Market share for the purchase and remortgage market increased to 10.2%, from 9% last year.
But “significant disruption” in the market meant it now expected full-year performance to be “below our prior expectations, with full-year profit now anticipated to be in a range just above or just below that reported in 2019”.
Chief executive David Stewart said: “Market conditions have been more challenging than previously expected, with the mortgage and housing markets being disrupted by political uncertainty and sharply increasing interest rates. Across the market, this has given rise to a reduction in mortgage activity and new house sales, and an increase in fall-throughs of previously agreed sales.”
He added: “This challenging background means there is a wider range of potential outcomes for the full year than previously expected.”
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
