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Savills sees London residential volumes tumble

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - Estate agent Savills reports trading remains tough for its UK and US commercial, residential and mortgage broking businesses, with volumes down on the comparable period in 2007.

The UK commercial property investment markets have seen further rises in yields in the first quarter, although at a much slower rate than was seen towards the end of 2007, Savills said.

The groups's residential Prime Central London index reported a fall of 1.5% in the first quarter, which followed a 2% fall in the final quarter of 200, leading to a sharp fall in transaction volumes for its residential business in London.

"The outlook for our UK, European and US Capital Markets, UK Residential and UK Mortgage Broking businesses continues to depend on how quickly confidence returns to financial markets," Savills added.

Consultancy, Property Management and Fund Management, which contributed about 40% of profits for 2007, continue to enjoy good demand for their services. Asia is also holding up, the agent said.

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