Group says sales have recovered to a third below the level seen prior to lockdown
Estate agency group LSL Property Services has seen strong demand for homes since the easing of lockdown restrictions on the housing market last month.
The group, which runs a string of estate agents and surveying firms across the UK, said in a trading update that house sales had now recovered to around a third below the level seen pre-lockdown, compared to a drop of two thirds during lockdown itself.
The business said it had already carried out more than two thousand valuations since restrictions on the market were lifted on May 12, with a further 1,000 valuations planned. The number of valuations are now running at around 60% of their pre-lockdown level.
It said that overall nearly half of the 73% of staff it put on furlough in March have now returned to work.
Despite this, the business said that the outlook remained “highly uncertain” and that forward-looking guidance remained suspended. It said it had tested the business against the possibility of “severe stress conditions” continuing throughout 2020.
The Construction Products Association has predicted that residential construction work will fall by 42% this year, amid the Bank of England predicting a drop in UK GDP of 14%, the biggest fall for 200 years.
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