LSL Property to beat expectations

5th Jan 2010 13:13

Shares in LSL Property are higher on news that 2009 results will be 'significantly' ahead of expectations, thanks to stronger than expected activity in the housing market in the second half. Turnover for the second half is up by 21% and down by 4% for the full year. Estate agency turnover for the period is up by 42% (full year is up by 5%).The estate agency turnover reflects stronger than expected activity in the housing market, with mortgage approvals for house purchase estimated to be 360,000 for the second half of 2009 (H109: 240,000). Exchanges remained strong in December and the increase in turnover has also been supported by the growth in lettings income and repossession asset management income, LSL added.'The continued shortage of available mortgage finance, and the impact of fiscal tightening on consumer spending, market conditions will remain extremely unpredictable,' said the group.'Given the strong balance sheet, the group is well placed to consider further value enhancing acquisition opportunities which may arise in the future.'