Savills says any activity decline won't be significant

Savills, the real estate advisor, says that it does expect any reduction in activity during the year to be significant, despite the current economic woes.

Since June the business overall has continued to perform in line with expectations, with the Prime London Residential and Asia Pacific businesses compensating for under performance in Continental Europe.

UK Commercial, Fund Management and US businesses have also continued to perform as anticipated.

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In a statement the firm said: "Lately the pace of activity in the Prime London Market has become less frenetic, which is to be expected given the unusually strong performance in the early part of the year. It is clear that investors continue to see the prime London postcodes as a "safe harbour" for value in uncertain times and, for this reason, we do not anticipate any significant reduction in activity through the balance of the year.

"As we enter the final weeks of the year, when a significant part of the group's annual profit is earned, it is clear that there are major issues facing individual countries, regions and the global economy. The property markets are not immune to these challenges.

"We currently anticipate that, provided macro-economic concerns do not cause a material delay in transactions, our performance for the full year will be in line with expectations."

The share price fell 4.92% to 285.0p by 16:03.

NR