Estate agent LSL is to close more than 100 branches and shed hundreds of jobs as the housing market grinds to a halt. The industry was seen to have bounced back from the financial crisis, having cashed in on a run of booming house prices. But the market in many places has now begun to turn. Combined with the rise of online agents and a number of unhelpful Government interventions, the tough conditions have proved to be a major drag on profits and forced firms to take drastic action to reshape their businesses. LSL’s plans are confined to Your Move and Reeds Rains, its larger mid-market brands. Around 40 of the offices will be closed outright and another 81 will be folded into other nearby locations to create so-called “keystone branches”. These will be located in major markets that will “generally have larger teams of dedicated experts in residential sales, lettings and financial services roles” than is the case today. A further 40 that do not fit the keystone strategy will be handed over to franchisees, reducing LSL’s total number of owned Reeds Rains and Your Move branches by half to just 144. A spokesman declined to confirm the number of jobs affected because its is currently in consultation with staff.
UK estate agent LSL is to close 40 of its mid-market Your Move and Reeds Rains branches amid a stagnant property market. Some 40 offices will be closed, while another 81 will be folded into so-called "keystone branches" located in major markets. Such branches will generally have larger lettings, residential sales and financial services teams. Another 40 branches will be given over to franchisees, reducing LSL 's total number of Your Move and Reeds Rain branches to around 120 .