LSL Property Services (LSE:LSL) ended the year as the Fund’s largest contributing stock. Last quarter we discussed how LSL was reaping the benefits from a recovery in the U.K. residential housing market, partly as a result of government stimulus programs. During the fourth quarter the U.K. government announced a cutback in its Funding for Lending scheme, but this should not impact the Help to Buy initiative, which targets the residential housing market and therefore supports LSL’s primary business. Residential housing transactions have already begun to rebound in the U.K. and increased at double-digit levels in 2013. We expect this momentum will continue into 2014 and beyond. Even with the recent increases in housing transactions, the U.K. residential market still remains depressed versus historical norms. LSL should benefit from a continued recovery.
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