Residential specialist LSL Property Services has reported a rise in group revenues by 8% on a like-for-like basis in the four months to 30 April.
The group was boosted by a strong March as buyers sought to beat the end of the stamp duty holiday, but said that activity in April was disappointing.
Estate agency revenues were up 17% in the period but surveying fell back by 8%.
The company said: “While there has been some improvement in consumer confidence, this has been more than offset by a further reduction in the availability of mortgage credit driven by tighter prudential regulation, decline in supply of wholesale funding and tighter product regulation.
“Overall LSL retains a cautious view of the market for 2012 particularly given the recent deterioration in prospects for the eurozone which may cause the banks to restrict mortgage lending further.
“However, the board is confident of delivering further progress in 2012, through its major organic growth initiatives, including lettings and the contribution from new income streams in both estate agency and related services and surveying and valuation services.
“The group remains well placed to increase shareholder value and will continue to pursue value-accretive acquisitions using its strong balance sheet.”
jack.sidders@estatesgazette.com
