Londoners selling up for new life in the country boosts Savills
Londoners swapping life in the capital for a new home in the countryside helped boost sales volumes in the regions and lift profits at property group Savills.
The company said a recovery in the markets outside of London helped lift sales volumes by 20 per cent in the first half of the year compared to nine per cent in London. This helped drive a 14 per cent increase in residential transaction fees to £59.6m.
Chief executive Jeremy Helsby said the group’s figures showed evidence of the “ripple effect”, with rising prices in London prompting families to move out into the commuter belt.
Total revenue from the UK, its largest business, rose by 15 per cent to £222.3m while overall revenue increased by eight per cent, also helped by a recovery in European markets including Spain.
Profit before tax up 15 per cent to £24.7m compared with the same time last year.