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Savills sees performance second-half weighted amid subdued trading in some markets

By BFN News | 01:19 PM | Wednesday 08 May, 2019

Real estate group Savills said trading volumes in some markets had been subdued so far this year, due to political and economic uncertainty. In the UK, trading has been 'resilient', the company said ahead of annual general meeting. It noted that there had been a strong double-digit increases in new buyers registered, and a year-on-year increase in revenue in the prime central London market. 'The commercial transaction business is also proving resilient, particularly in central London, however, volumes across the UK have declined and development activity is relatively subdued,' Savills said. In Asia Pacific, Savills said it had a good start to the year, with Hong Kong, Mainland China, Singapore and Vietnam showing year-on-year revenue growth. Other markets were also trading in line with expectations. 'Whilst the year has started as expected, the first few months typically represent a relatively modest proportion of the expected outturn for the full year,' Savills said. 'In the UK market, there remains significant investor demand but commercial transaction activity in the next few months may continue to be overshadowed by the prolonged uncertainty over Brexit, the exact impact of which is difficult to determine at present.' 'We do, however, expect some strengthening of activity in certain overseas markets and, despite a greater weighting towards the second half than last year, we continue to anticipate overall performance for 2019 to be in line with our expectations.' At 1:19pm: (LON:SVS) Savills PLC share price was +6.5p at 880p Story provided by

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