Savills trades in line with expectations

Real estate advisor Savills traded in line with expectations in the first four months of the year with strong growth seen across the Asia Pacific region.

Real estate advisor Savills traded in line with expectations in the first four months of the year with strong growth seen across the Asia Pacific region.

The company said Asia achieved substantial improvements year-on-year.

However, Hong Kong will be affected by the latest round of government control measures, with volumes falling by 30%. The doubling of stamp duty on commercial transactions in the city has also reduced the aggregate value of business since the new measures were implemented in March.

Nevertheless, improvements in trading in other parts of the region, particularly Australia and Japan, are expected to help mitigate the financial impact of reduced transactional volumes in Hong Kong.

In the UK, the company continued to maintain a significant share of the prime central London investment and leasing markets.

The increasing interest of overseas investors in central London assets resulted in more domestic investors looking to opportunities in the UK's principal regional cities.

"Whilst it is still too early to be definitive, if this trend continues we expect to see some improvements in our regional UK business through the coming period," the company said.

The prime residential market in central London continued to perform well with year-on-year increases in volume and value.

The US business has also shown improved performance in comparison with the same period last year and Cordea Savills, the group's investment management business, met expectations.

"As previously indicated, we expect that our trading result to date will result in a stronger first half performance than in 2012 with the full year outlook in line with our expectations," the group said.

Shares rose 0.92% to 603p at 11:26 Wednesday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
The world’s fund managers are getting very bullish – be careful out there
Stockmarkets

The world’s fund managers are getting very bullish – be careful out there

The latest survey of fund managers shows them to be extremely bullish on all the same things. And that, says John Stepek, means the market is in dange…
21 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021