Savills has recorded a “robust performance” in a trading statement ahead of its full year results in March, as it said the “clear outcome” of the general election prompted a “strong close to the year” as confidence to transact returned to the market.
Savills said it has shown “considerable resilience” in a year which exposed the group to “significant challenges” in the UK and Hong Kong – two of its key markets.
The international real estate advisor, revealed that “excellent performance” in the UK, “significant” year-on-year growth in the US and a “strong performance” from Savills Investment Management, means it anticipates underlying results for the year to 31 December 2019 will be at the upper end of the board’s expectations.
It added that despite the backdrop of uncertainty, the UK performed well across all business lines, latterly benefitting from improved investor sentiment in both commercial and residential markets.
Savills said:“Looking to the year ahead, increased political stability in the UK should maintain improved sentiment in real estate markets. Global investor demand for secure income, restricted supply and expectations of continued low interest rates suggest that the medium and long term dynamics of the UK real estate market should remain largely positive.
“Nevertheless, some caution may remain until the full impact of Brexit is better understood. Certain other global markets continue to be overshadowed by macro-economic and political uncertainties. As a result of these factors, at this early stage in the year the board’s expectations for 2020 remain unchanged.”