LSL Property Services says income from its surveying and valuation business was 50% higher per day than a year ago, while group profit was “materially ahead” of expectations.
The listed firm adds that in February its surveying and valuation business “was at its highest level since the market disruption that followed the mini-Budget in October 2022, and approaching the very strong performance recorded in the first quarter of 2022”.
Group underlying operating profit was “materially ahead of the board’s previous expectations” and around £7.5m ahead of the same period in 2023 and around £2.5m above 2022, reflecting in particular “very strong” trading in the surveying and valuation division, the company says in a trading update covering the first two months of the year.
The business owns a range of brands including Primis, TMA Club and E.Surv.
It adds mortgage completions were in line with forecasts, while home loan applications “significantly ahead of expectations” with February mortgage applications per day 23% higher than 2023 and 5% above the strong performance in 2022.
“The benefit of these applications will be seen in completions during the first half of the year,” the group adds.
The group says: “While commentators have pointed to improving conditions in the mortgage and housing markets, it remains difficult to predict the future path of these with confidence.
“However, early trading reaffirms the board’s confidence that profits in 2024 will be materially ahead of 2023.
“The earlier-than-expected recovery means that even at this stage of the year, the board’s expectations for the full year have increased.”
The business will publish its full-year results in April.
