Savills sees a strong UK property market

SAVILLS said property markets in the UK and Asia were strong as it reported a 40 per cent profit rise for the first half of 2013.

The property consultancy said underlying profit before tax grew to £26m in the six months through June from £19.7m in the same period last year, on revenue up 13 per cent to £399m.

Savills, which has offices in Leeds and York, said its first-half performance had also been helped by restructuring and reinvestment in continental Europe, reducing losses there.

Hide Ad
Hide Ad

The group said it expected no change in its overall outlook for the rest of 2013, but performance in Hong Kong was predicted to slow after the government increased stamp duty.

“Savills has delivered a strong first half performance in line with our expectations as a result of our strength in key markets in the UK and Asia Pacific and a continued reduction in losses in continental Europe,” chief executive Jeremy Helsby said.

He added that Dublin, Germany, France and possibly Spain would be the prime areas of growth over the coming 12 to 18 months.