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LONDON (Alliance News) - Property adviser Savills PLC on Wednesday said trading in 2016 to date has been in line with its expectations, though uncertainty ahead of the Brexit referendum and the US presidential election is putting pressure on market activity.
The FTSE 250-listed company said it has maintained a significant market share in the prime UK investment and leasing markets, though activity in this segment has slowed in the run up to the referendum on the UK's membership of the European Union, set for June 23.
Savills said the UK prime residential market has performed ahead of expectations, driven by a spike in activity ahead of the introduction of a new stamp duty levy on buy-to-let properties and second homes on April 1. Since then, in line with the investment and leasing markets, activity has slowed amid Brexit uncertainty.
Asia-Pacific trading has been in line with expectations, with Hong Kong and China starting the year well and offsetting softer markets in Japan, Savills said. In the US, uncertainty there over the political outlook, with a presidential election on the way in November, has hit volumes, though the Savills Studley unit's occupier-focused business has traded marginally ahead of expectations.
Consultancy and property management have performed well, Savills said, with particular strength in the UK and Asia, while Savills Investment Management unit has grown in line with forecasts.
Savills said its outlook for the year is unchanged, with the caveat about the uncertainty caused by the upcoming Brexit referendum in the UK and the US election.
Savills shares were up 2.5% at 769.50 pence Wednesday after the late-morning announcement.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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