Savills beats forecasts despite pre-election market wobble

Kasmira Jefford
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REAL estate adviser Savills said trading in the year-to-date had beaten expectations and was “substantially” ahead of the same time last year, despite seeing a slowdown in home sales in the run-up to the General Election.

The property market came to a halt ahead of the General Election as prospective buyers and sellers awaited the outcome of the polls before moving ahead with plans.

Savills told shareholders at its AGM yesterday that, as expected, the prime residential market saw a fall in sales volumes, with those at the top of the market fearing the introduction of a mansion tax if Labour won at the ballot box.

It added that the Conservatives winning the General Election was a positive for the residential market but cautioned that it was too soon to tell how sales volumes would recover in the second half of the year.

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