YORK-based LSL Property Group, which owns the Reeds Rains and Your Move estate agency brands, has said it remained cautious as the housing market has weakened since January.
Overall the business increased revenues on 2010 in the first quarter of the year, led by increasing market share in its estate agency division, with its surveying reporting a drop in turnover.
It said: “LSL retains a cautious view of the market for 2011 given continued shortage of available mortgage finance and general economic uncertainty.
“Despite this market uncertainty the board remains confident in delivering further progress in 2011, particularly in light of the very encouraging results to date from the market share growth plans both in estate agency and from private survey services within surveying.”
It warned that profits would be more weighted towards the second half of the year as investment in the estate agency was realised.
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