A surge in sales of London properties to overseas buyers taking advantage of the Pound’s post-referendum collapse has helped Savills exceed its own expectations on profits.
In a statement to the City the firm said it enjoyed a strong end to 2016 “with the completion of significant volumes of commercial and residential transactions in a number of our businesses around the world and benefited from further sterling devaluation.
It now says its profits for 2016 - to be released towards the end of March - will be “meaningfully ahead of our previous expectations.”
The statement continued: “Our UK residential business performed rather better than anticipated, with the top end of the market showing similar currency-related drivers of investment activity from international buyers. These factors largely mitigated the anticipated reduction in transactional activity during the year.”
But the firm - which receives most of its global income from commercial property and consultancy - is striking a cautious note for this year, saying: “Against the backdrop of heightened uncertainty over global economic prospects and rising bond yields, we expect a tempering of the strong transaction volumes of recent times in many markets.”