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UPDATE 1-Savills warms on London residential property
May 4, 2011 / 11:43 AM / 6 years ago

UPDATE 1-Savills warms on London residential property

* Rest of group performing in line with expectations

* Shares down 2.6 percent

LONDON, May 4 (Reuters) - Savills (SVS.L) said it had performed in line with expectations in the first four months of year, adding a rosier outlook for London residential property compensated for a potential shortfall in some European markets.

The global property consultant said in a statement ahead of its annual meeting on Wednesday that political and economic turbulence in many parts of the world had resulted in further significant interest in London’s residential property.

“The first quarter saw the anticipated continuation of strong markets in Asia, improved trading in the US and, by quarter end, a strong performance from the UK Residential business, principally in central London,” Savills said.

The rest of the group was performing as expected so far this year, and it had traded in line with expectations outlined in its full-year results in March, Savills said.

In March, the group warned of uncertainty about the market impact from Japan’s worsening crisis, after it posted a rise in 2010 profits helped by strong performances in Asia Pacific. [ID:nLDE72G0DE]

At 1157 GMT, Savills shares were down 2.6 percent at 397.6, underperforming a 0.4 percent fall in the broader index of UK property stocks .FTELUK. (Reporting by Karen Foster; Editing by Andrew Macdonald) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

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