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Savills PLC on Wednesday said trading has been in line with expectations and better than the same period last year. The London-based estate agent said its UK business continues to perform well, maintaining market share gains from 2023. Savills said this mitigated the impact of reduced transaction volumes compared with the same period last year. Meanwhile, less transactional service lines have performed in line with the company’s expectations. In the Asia Pacific, Savills has continued to make progress across the region increasing its market share in Hong Kong. The North America business, which is highly dependent on corporate leasing activity, has also demonstrated signs of noteworthy year-on-year improvement. Elsewhere, in the Continental Europe & Middle East region, gains have been marginal as expected. ‘Savills is highly dependent upon transactional activity in CEME where capital transaction volumes, particularly in the major markets of Germany and France, remain very compromised. ‘Leasing momentum is a little stronger due to demand for prime stock. In the Middle East market conditions are much stronger and we have grown our Prime Residential brokerage in UAE during the period,’ the company said. With the support of a strong balance sheet, Savills said it continues to make acquisitions in preparation for an anticipated broader recovery in market conditions over the second half of the year as economic and political challenges ease. Half year results for the six months to June 30 are expected to be released on August 8. Savills shares were up 1.7% to 1,176.00 pence each in London on Wednesday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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