LSL Property Services says revenue from its surveying and valuation business was 50% increased per day than a yr in the past, whereas group revenue was “materially ahead” of expectations.
The listed agency provides 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 working revenue was “materially ahead of the board’s previous expectations” and round £7.5m forward of the identical interval in 2023 and round £2.5m above 2022, reflecting specifically “very strong” buying and selling within the surveying and valuation division, the corporate says in a buying and selling update overlaying the primary two months of the yr.
The business owns a spread of manufacturers together with Primis, TMA Club and E.Surv.
It provides mortgage completions had been in step with forecasts, whereas home mortgage functions “significantly ahead of expectations” with February mortgage functions per day 23% increased than 2023 and 5% above the robust efficiency in 2022.
“The benefit of these applications will be seen in completions during the first half of the year,” the group provides.
The group says: “While commentators have pointed to enhancing situations within the mortgage and housing markets, it stays tough to foretell the long run path of those with confidence.
“However, early buying and selling reaffirms the board’s confidence that income in 2024 will probably be materially forward 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 ends in April.
