Lovell Partnerships has reported a 27% drop in operating profit in its interim results as open market sales plummeted amid economic uncertainty.

The firm, which is owned by giant construction firm Morgan Sindall,  today reported a 20% year-on-year drop in open market sales to 340 units for the six months to 30 June. The average sales price was £241,000 compared to the prior year average of £261,000, a reduction of 8%.