Savills buoyed by London and Asia amid Euro crisis

PROPERTY agent Savills said it was on track to meet full-year expectations as its prime London residential and Asia Pacific businesses help offset its poorer performance in continental Europe.

The group is cutting its presence in non-core markets as “macro economic issues have curtailed activity in many countries” and is instead focusing on stronger-performing France, Germany, Sweden and Poland.

In its interim statement, Savills said City office lettings have continued to see weak take-up, while the West End remained resilient.

The firm, however, hopes that several properties put up for sale since the summer will attract international capital over the next few months.

Savills said demand for prime London homes has become “less frenetic” compared to earlier this year but London’s golden postcodes continued to be seen as a “safe harbour” for value in uncertain times.

Commercial market activity in the Asia Pacific region continued well through the period, with strong performances from Hong Kong and mainland China, the firm said.