LONDON-listed property adviser Savills said revenues jumped 19 per cent to £1.1bn last year thanks to record sales in the UK and recovering market conditions in continental Europe.
The government’s overhaul of stamp duty thresholds triggered a surge in the sale of expensive homes at the end of last year and prompting Savills to hike its forecasts in January.
Its European business also returned to profitability last year thanks to improved market conditions. Group pre-tax profits rose 21 per cent to £84.7m.
International expansion in the US also helped Savills last year after it acquired independent commercial real estate services firm Studley in June. The company also confirmed today that it is taking over German investment management firm SEB Asset Management for €21.5m (£15.6m).
SEB is based in Frankfurt and Singapore, and has around €10bn worth of real estate assets globally. It will be merged with its investment management arm Cordea Savills, to create Savills Investment Management.
Savills said it remains cautious about 2015, despite a strong start to the year so far. “We retain a cautious view on the timing of the recovery in the Hong Kong commercial market and expect the UK residential market to remain subdued as a result of uncertainty around the General Election,” it said.