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UK's LSL Property Services warns on profit due to tough mortgage markets

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Aug 16, 2023

UK's LSL Property Services warns on profit due to tough mortgage markets

Aug 7 (Reuters) - LSL Property Services (LSL.L) said on Monday it now expected the group's annual profit to be "substantially lower" than previously forecast due to subdued activity in the British

Aug 7 (Reuters) - LSL Property Services (LSL.L) said on Monday it now expected the group's annual profit to be "substantially lower" than previously forecast due to subdued activity in the British mortgage market.

The British housing sector is in the middle of a pronounced slowdown, as high mortgage costs and tight credit conditions eat into demand. The Bank of England has raised interest rates 14 times in a row since December 2021 to 5.25%, in its bid to tackle raging inflation.

The company, which provides services to mortgage intermediaries and estate agent franchisees, said it expected there would be lower levels of purchase and remortgaging activity than previously forecast for the second half of the year.

LSL said its performance in the six months to June 30, particularly in its surveying and financial services division, was impacted by significant changes in the mortgage market.

The company has about 2,700 advisers and represents around 10% of the total purchase and remortgage market in the UK.

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