Property agent saw UK revenue rise 6% in 2011

Continued strength in the London property market has propelled property agent Savills’ UK revenue to rise 6%.

In a statement to the stock exchange Savills said revenue at its UK arm was up from £333m in 2010 to £352m in 2011.

It said foreign investment in London property had boosted its residential transaction advisory business by 9%. But it said the lack of mortgage availability was still constraining activity in the rest of the country.

The agent added that revenue from UK commercial property transactions remained broadly level on last year at £47.9m, compared with £48.2m in 2010, with London remaining a key market.

“Trading conditions in the first part of the year remained strong, but deteriorated through the second half, with market volumes in the fourth quarter down 26% year-on-year,” it said.

The UK results were in-line with the global group’s results, which saw revenue rise 7% and pre-tax profit up to £40m from £36m in 2010.

The firm also saw rapid growth in China where profit rose 43%.

Jeremy Helsby, group chief executive, said: “Our positions in London and Asia, in both the residential and commercial markets, and a strong and growing non-transactional business provided the platform for this performance.”