Increase in profits for homes firm

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The owner of Your Move and Reeds Rains estate agents reported a three-fold jump in profits but said it expects the housing market to slow as regulatory changes kick in.

LSL Property Services, which also has a surveying arm, saw its pre-tax profit leap to £31.4m due to a strong housing market and investment gains in the six months to June 30.

The Newcastle-based firm said its estate agency unit turned in “an excellent performance” with income from residential sales lifting 27 per cent to £44.4m and average fees rising by 11 per cent during the period.