LSL Property Services saw its residential sales exchange pipeline as of October 31, 2020, reach the highest level for more than 10 years and over 50% above a year earlier as the housing market bounced back follow the lockdown.

Sales exchanges had also increased once more and were 60% ahead of last year, said LSL.

Surveying revenue has also recovered following May’s easing of coronavirus restrictions, with trading strong across all three of the firm’s arms between July and October.

The group, which owns a number of estate agent and surveying brands, saw its turnover drop from to £214.3m during the first 10 months of the year, down from £262.8m a year earlier.

LSL told investors that the sharp decline in turnover was caused by the Covid-19 crisis but was also impacted by the 2019 ban on tenant fees.

Sales also dropped due to the company restructuring its Your Move and Reeds Rain network, which resulted in the closure of a number of its smaller branches with overlapping areas with a view to incorporating them into larger offices.

The estate agency division was the worst hit of the group’s three arms, with turnover dropping by 21% during the period.

David Stewart, LSL’s group chief executive officer, commented: “I am pleased to report that the group has taken advantage of the strong rebound in activity levels following the end of the first lockdown, and as a result we now expect to be able to report 2020 group underlying operating profit marginally ahead of 2019.

“We look forward to reporting on our full year results in the early part of 2021, when we will also set out details of the progress we have made on implementing our strategy. I would like once again to place on record my thanks to all our staff for their tremendous support they have given LSL this year.”