LSL Property Services plc has released a trading update for the six months ending 30th June 2023, with the report highlighting the impact of ongoing difficulties in the mortgage market.
Despite significant strategic progress within the Group, the recent unexpected change in the Bank of England’s base rate has impacted the mortgage industry, which in turn has slowed business across its surveying and financial services divisions.
A 48% increase in product transfers means total mortgage lending advice has declined by just 4% but margins have been impacted. On the surveying front the impact of the market slowdown is more pronounced with lender instructions down 40%.
Group CEO David Stewart said: “LSL made a lot of progress over the past six months, delivering important strategic projects. Market conditions have been challenging, and more recently have become more difficult, impacting this year’s financial performance.”
Despite the near-term challenges, the CEO emphasised the firm’s long-term vision: “The more challenging market conditions in the short-term will not prevent us from continuing to take the required steps to deliver on the identified opportunities for future growth. Our strong balance sheet allows us to take a long-term view.”
