RNS Number:9717K
LSL Property Services
03 January 2008


For Immediate Release                                             3 January 2008



                       LSL Property Services PLC ("LSL")

                            Pre Close Trading Update

LSL, a leading provider of residential property and surveying services, is today
providing a pre close update for the year ended 31st December 2007 in advance of
its preliminary results due on 27th February 2008.

For the period, LSL estimates that:-

   *Group turnover is up by 11%

   *Surveying turnover is up by 21% (6% excluding Barnwoods)

   *Estate agency and financial services turnover is up by 5%

The surveying division has made strong progress in the year, benefiting from the
significant contract gains with Barclays and C&G which started in H207. Both of
these contracts are performing well and Barclays surveying business has been
successfully integrated into e.surv. These contracts have compensated for the
significantly reduced activity levels arising from the recent liquidity issues
in the banking market. In addition, there has been a surveying and
administration headcount reduction of 115 full time equivalents.

The estate agency division has seen volumes in H207 year on year contract by
around a third. Accordingly, action has been taken to reduce operating costs
including the closure of 12 under performing branches and a headcount reduction
of around 200 full time equivalents since September. Our focus is also on
increasing the fee percentage on listings, managing effectively the introduction
of Home Information Packs and growing other counter cyclical revenue streams
such as lettings.

The operating profit * for the year ended 31st December 2007 will be in line
with our expectations, revised at the time of the trading update in October. As
part of a number of cost saving initiatives LSL has incurred one off costs of
circa �1m as previously indicated. We are also reviewing strategic options for
our conveyancing division, which continues to under perform and as a result will
incur an impairment charge in the year of �1.5m.

Market conditions are difficult to predict but are expected to remain
challenging well into 2008. As a result of cost and income initiatives LSL is
confident of its ability to maximise its profits through the cycle and expects
the surveying division, which now represents a bigger proportion of profit, to
make further progress in 2008.


* pre one off costs and amortisation


For further information please contact:

Simon Embley, Chief Executive
Dean Fielding, Group Finance Director
LSL Property Services                              01904 715 324
Richard Darby, Nicola Cronk
Buchanan Communications                            020 7466 5000


Notes to editors:


LSL Property Services plc is one of the leading residential property services
companies in the UK and provides a broad range of services to its clients who
are principally mortgage lenders, as well as buyers and sellers of residential
properties. LSL's main operations are its surveying business, which operates
under the e.surv, Barnwoods and Chancellors Associates brands, its estate agency
business, which includes YOUR MOVE and Reeds Rains, and its financial services
business.


For further information, please visit our website: www.lslps.co.uk




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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