Friday, October 16, 2009

Sign of a booming property market

Halifax estate agents sold for £1

Lloyds Banking Group has agreed to sell its Halifax estate agency business to LSL Property Services for £1. The loss-making business has 218 offices, 93 of which are franchise operations. There are 121 Halifax banking counters located in estate agents, which will close down in early 2010.

Posted by quiet guy @ 08:25 AM (1461 views)
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5 thoughts on “Sign of a booming property market

  • Green shoots anyone?

    I wonder if the banks will allow prices to fall after they ditch their property related holdings?

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  • fallingbuzzard says:

    Just the natural cycle. Even the most foolhardy banks know that real interest rates are on their way up.

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  • I wonder if Foxtons is similarly worthless? Let’s hope so.

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  • To be fair, and I work for this company so [disclaimer] but this was on the cards before the crash and before the merger. It’s not a core function of a modern bank. it’s got nothing to do with the House Price Crash as such but clearly it’s accelerated the likelyhood.

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  • @4. ketha
    The sale may have been on the cards before the crash, but to give it away?! To sell for £1 indicates that this business and its assets (houses) are considered a liability by Lloyds. Was it such a mill-stone in 2007? Surely if it was they would have just got rid before now …

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