LSL Property Services has completed two acquisitions as part of its strategy to drive growth in financial services.

The company has acquired a 60% stake in Direct Life Quote Holdings Limited for £1.8m, and the acquisition in full of the business and assets of Mortgage Gym for £2.4m.

LSL is one of the largest providers of services to mortgage intermediaries and mortgage & protection advice to estate agency customers, having completed around £32bn of mortgages in 2019.

It currently represents approximately 9% of the total purchase and remortgage market, with around 2,600 financial advisers.

LSL, owner of the estate agent chains Your Move, Reed Rains, among others, said the acquisitions will strengthen its digital capability and help to drive increased market share and profitability.

Direct Life Quote Holdings’ main subsidiary, Direct Life & Pension Services Limited, has developed an advanced technology platform that offers digital protection insurance product recommendations, through an online service.The agreement allows LSL to take a further share in the business at a later date.

LSL has been a strategic investor in Mortgage Gym which has developed a digital platform that confirms mortgage eligibility within 60 seconds, matching borrowers with lenders.

David Stewart, group chief executive officer of LSL, said: “These important acquisitions will help LSL drive further growth in Financial Services, which is at the heart of our strategy. They provide us with market-leading digital capability, and I am delighted that we have been able to complete these deals.”

Meanwhile, LSL has appointed Steve Goodall as managing director of e.surv and Andy Deeks as group chief strategy officer.

Stewart added: “I’m also delighted to welcome Steve Goodall and Andy Deeks to LSL.  Steve is highly respected across the surveying and valuation markets and his deep understanding of the sector will prove invaluable to our plans to grow e.surv.  Andy has already made a significant contribution as we develop ambitious targets for the Group and I’ve no doubt that he will play an important part in taking the Group forward as we implement our plans in the coming months and years.

“In our Full Year Trading Update, released on 15 January 2021, we were pleased to announce very strong trading in December 2020 with full year 2020 Group Underlying Operating Profit expected to be significantly ahead of 2019. We will provide further details with the release of our Preliminary results for the year ended 31 December 2020.”