Marsh & Parsons owner LSL looks to the suburbs for expansionComments Off on Marsh & Parsons owner LSL looks to the suburbs for expansion
LSL Property Services, said it would look to north and south London for new openings.
The decision comes after its central London division was “adversely impacted” in the six months to 30 June, hit by stamp duty changes and pre-election jitters deterring buyers.
As a result Marsh & Parsons saw residential sales slump 13%. LSL chief executive Ian Crabb said: “Now that we have political certainty there is the prospect of some improvement in the prime central London market in the second half, but the bigger volume growth will be in outer boroughs.”
He plans to increase branch numbers from 24 to 36 over the next four years.
Group pre-tax profit dropped to £6.2 million from £31.4 million partly because of investment costs, including a new Shoreditch shop.
The update pushed shares down 24.8p to 350p.
Nationwide today said that UK house prices increased by a modest 0.4% last month, recovering from June’s surprise 0.2% dip.