Savills says top end of market is resilient

Thu Aug 18, 2011 2:35am EDT

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* First-half turnover up 10 percent to 336 mln pounds

* Underlying pretax profit rises 20 percent to 20.6 mln pounds

LONDON Aug 18 (Reuters) - British property broker Savills said global economic volatility would curb activity in Europe and Asia though markets for the best properties remained resilient.

Prime London residential property was a safe haven for investors amid the current economic turmoil, which had created a two-tier British market, Savills said on Thursday.

Values for the best property in Hong Kong and Singapore were also resilient, the company said.

Underlying pretax profit in the six months to end-June rose 20 percent to 20.6 million pounds ($34.1 million) and turnover increased 10 percent to 336 million.

"We currently see no material change in the outlook for our business although the potential effects of the current economic and social volatility are likely to have some impact on both commercial and residential transaction markets across our regions," chief executive Jeremy Helsby said. ($1 = 0.604 pound) (Reporting by Tom Bill; Editing by Dan Lalor)

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