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Agencies & People

Savills grabs more market share during volatile 2019, latest results show

The upmarket estate agency used its dominant position to grab a larger slice of the property sales pie as investors returned to the prime market in London.

Nigel Lewis

savills

Shares in Savills jumped by 7.22% yesterday after the company revealed a sneak peek of its 2019 performance ahead of the company’s full results later this year.

The statement said Savills had increased its market share in the UK despite lower sales volumes, and had delivered a ‘robust’ performance overall.

The multi-disciplinary and multi-country firm says its range of services, which include sales, lettings, property management, investment advice and commercial property, helped it weather the recent political storms not only in the UK, but also within its other key market, Hong Kong.

“In the UK, the effect of Brexit and political uncertainty suppressed market activity in both commercial and residential markets until mid-December,” a statement from the company said.

“The clear outcome of the General Election prompted a strong close to the year as confidence to transact returned to the market.”

Savills says it resilient performance across the board has been in part due to an ‘excellent’ performance in the UK across all its businesses.

This, it says, has been due to overseas and UK investors returning to the residential and commercial property markets, and a market-beating performance in London’s prime central postcodes.

The City liked what it heard; shares in Savills increased to £12.32 a share following the announcement, topping off an extraordinary few weeks for its stock since the General Election, during which it has increased in value by just over 26%.

Last week Savills claimed the London market was at a ‘turning market’.

January 14, 2020

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