In the interim statement for the period from July 1 to November 14, the group said the business is currently trading robustly and in line with its view, with the board retaining its “very cautious view” of the market for 2013.
For surveying and valuation services, turnover on a total and like-for-like basis both fell 16%.
LSL said: “Revenue has been reduced by the impact of key contractual changes during 2012, which had been expected, and by the reduction in market share of certain lenders. There has been continued growth in the provision of private survey services where the annual income run rate is now £5.0m.”
For estate agency, turnover on total basis grew 31%, and rose 11% on a like-for-like basis.
LSL said housing market transaction levels have deteriorated in the ten months to October with total mortgage approvals for Q3 2012 down 14.5% compared to the same period last year. House purchase approvals are 6.7% lower on the same comparative basis.
Total mortgage approvals for the nine months from January to September 2012 were down 6.5% year on year while house purchase approvals were 2.1% higher for the same period.
LSL said market volumes have been declining at a worsening rate as the constraints on available mortgage finance fail to improve.
“Against this difficult market backdrop, the group will continue to build on this year’s strong growth in lettings and financial services and to further develop the provision of surveying services to private buyers.
“LSL will also accelerate investment in initiatives to drive growth in corporate lettings and asset management, to increase market share in estate agency and to increase the pace of new branch openings in Marsh & Parsons.”
