‘Less transactional’ services boost Savills

Savills’ “less transactional” services have boosted its performance so far this year amid a slower property market.

A trading update from the agency and property brand ahead of its annual general meeting yesterday said while most prime presidential markets are “marginally lower” than last year, its less transactional lines are “underpinning our overall performance.”

Addressing the UK market, Savills said: “We have continued to perform well, and we have maintained market share gains made in 2023 in prime transactional markets. 
“This has mitigated the impact of reduced transaction volumes compared with the same period last year. 

“Meanwhile, our less transactional service lines have performed in line with our expectations. During the period we have bolstered our WorkThere flexible office advisory business with the acquisition of Situu, a largely landlord-facing flex advisory business.”
 

Savills said it expects market conditions to improve in the second half of this year.

Mark Ridley, chief executive of Savills, added: "I am delighted with the performance of our teams worldwide in helping clients facing challenging circumstances and in seeking longer term business development initiatives, which our strong balance sheet enables us to pursue. The strength of our less transactional businesses continues to underpin our performance overall and we continue to anticipate progressively improving volumes through the second half of the year."

https://www.investegate.co.uk/announcement/rns/savills--svs/agm-statement/8198377