LSL Property Services has taken a 65 per cent share in Group First Limited which provides mortgage and protection brokerage services to purchasers of new homes.
GFL provides mortgage and protection brokerage services to the purchasers of new homes through its subsidiaries, Mortgages First Limited and Insurance First Brokers Limited.
A statement to the London Stock Exchange by LSL says the stake, believed to cost £9.1m, has been made through LSL subsidiaries.
The move is the latest by LSL to involve itself in the growing new homes sector and to diversify its activities beyond sales and lettings.
"This investment supports LSL's strategy to grow long term profitability in the provision of residential property services in the UK, by identifying value enhancing opportunities. Further, the investment strengthens LSL's relationships with its key housebuilder clients" explains Ian Crabb, LSL group chief executive.
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