One of Britain’s largest property service companies, LSL, has warned investors that its annual profits will be below expectations due to uncertainty in the market caused by Brexit.
The company which also owns Your Move and Reeds Rains triggered gloom across the property sector with rivals such as Foxtons, Countrywide and Belvoir Lettings dropping in share price also.
The Royal Institution of Chartered Surveyors found a ‘significant’ downturn in buyer interest in its latest market survey with estate agents and surveyors more worried about the housing market than at any point since the late 1990s.
Buyers initially made use of the April’s stamp duty increase with a flurry of properties being snapped up in the first few months of the year.
First time buyers are considered one of the most important parts of the property ladder triggering work for estate agents, solicitors, convenors and everything else in between through to tradesmen. Britain’s decision to leave the European Union has caused uncertainty in all levels of businesses and consumers were buying trends are falling.
The Council of Mortgage Lenders estimates that gross mortgage lending reached £20.7 billion in June.