It said the housing market has weakened since July this year, with mortgage approvals down 12% against Q3 2009.
Annualised business volumes suggested that full year approvals will be roughly 575,000 compared to 593,000 for 2009, said LSL.
The group, which bought Advance Mortgage Funding, including network Pink Home Loans last month, said it expected its “strong market positions” and “counter-cyclical” streams to see it through the tough climate.
The Q3 interim management statement released to the Stock market this morning said: “LSL remains profitable and extremely cash generative at market levels which have been at, or around half historic levels for some time.
“The Group has a strong balance sheet and is on track to have minimal net debt at the year end.”
For the 10 months ended 31 October 2010, group turnover was up by 33%, year-on-year. The surveying turnover was up by 18% and estate agency and financial services turnover was up by 45%.
The firm’s net debt at the end of October 2010 was £13.7m, against £33.7m in October 2009.
