Property market improves

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Estate agency and property services group Savills said pre-tax profits rose seven per cent to £26.4m in the first half of 2015.

Revenues jumped 27 per cent higher despite uncertainty hitting the housing market in the run up to the General Election. However, its residential transaction fee income fell 13 per cent to £51.8m as sales in Londondropped 15 per cent. It said it was seeing conditions in this market start to improve.

Paul Fairhurst, head of Savills in Leeds, said: “Investor confidence in the regional property markets continued to improve throughout the first half of the year, resulting in a strong performance across all departments in the Leeds office. On the commercial side, the acquisition of Windsor House in Harrogate and the sale of Bank House in Leeds were among the key successes. For our residential, development and planning teams, major achievements included the opportunity to market the St Leonard’s Place residential development in York.”