Savills says hard to predict year result

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Estate agent Savills says deteriorating trading conditions in the property market makes it “very difficult” to predict the outcome for the full year.

It warned that trading conditions for its UK and US commercial capital markets businesses and UK residential and mortgage broking units continued to worsen in the first half.

Volumes dropped significantly on last year during the six months to 30 June, while the number of transactions is also falling in many parts of Europe as financing becomes more difficult to obtain.

Transaction volumes in London are around 45% lower year on year, with prices being adjusted downwards by some 7.5% in central London during the period.

The firm said transactional businesses in Asia are proving more resilient though, with demand still good for its consultancy, property management and fund management services.

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