LSL bring staff back off furlough as board takes one third pay cut

LSL Property Services has this morning released details of its response to the Coronavirus crisis.

All members of its board have taken one third cuts in fees and salaries, while 73 per cent of its staff were furloughed as part of the government’s Coronavirus Job Retention Scheme.

However, as of the end of last month, 207 Reeds Rains, Your Move and Marsh & Parsons branches out of a total of 231 branches opened and were available for meetings via pre booked appointment.

And some 41 per cent of furloughed staff had returned to work.

in a trading statement this morning the firm says early indications of sales activity since the lockdown ended have been positive.

"Significant numbers of physical valuations undertaken, with high demand in June to clear lender pipelines and in respect of new instructions" it adds.

The statement continues: “In the three weeks following easing of lockdown restrictions, average weekly residential sales exchange income has so far recovered to 34 per cent below the pre lockdown period, compared to the 63 per cent reduction experienced during lockdown.

“Physical property valuations recommenced with higher than expected levels of buyer activity with over two thousand valuations carried out in the first three weeks since restrictions eased and a further one thousand bookings being taken.

“Tenant registration levels have returned to pre lockdown levels.”