Buoyant UK housing market helps Savills sell £6billion worth of property and hit record global revenue of £905million and pre-tax profits of £75.2million
Estate agent Savills has reported £6billion worth of UK property sales in 2013. The company puts these figures down to the country’s economic recovery trickling out into the regions.
Savills Chief Executive Jeremy Helsby, says, “It’s what we call the ripple effect — we’re starting to see people cashing in as London values rise considerably. People want to move out so the cities closest to London are going to benefit the most and first.
“Areas where it is easier to commute in — Oxford, Cambridge and so on — are clearly feeling the effect of the London market.”
The company believes there is plenty more growth potential outside of London as transaction volumes remain 26% below peak.
Meanwhile, in London, transaction volumes rose 13% in 2013 with the average sale price of a home also rising by 13% to £3.2million.
“We’ve still got very strong markets in London and still got a shortage of supply, so although people worry about this market we’re still way down on the peak. The fundamentals remain very strong,” says Mr Helsby.
The Savills Chief Executive notes that …read more