High-end land and estate agency Savills said the UK regions are driving growth in its commercial and residential property businesses.
It told shareholders ahead of its annual meeting that its prime domestic business posted a year-on-year increase in sales volume and value in the early part of 2014, and its regional commercial operation was also pushing ahead.
Overall, the company —which operates across the residential, rural and commercial property sectors in Scotland from its four regional offices in Perth, Brechin, Edinburgh and Glasgow — said it was performing in line with expectations in the current year period.
“During the first four months of the year Savills has traded as anticipated with continued growth in the UK, and a robust performance in both Asia and Continental Europe,” Savills said in an interim markets update yesterday.
“Our US business has an improved pipeline and Cordea Savills, the group’s investment management business, has traded in line with our expectations of revenue and profit growth.”
The firm said it maintained a significant share of the growing central London commercial property market but it expected “regional recovery to be the primary driver of growth” in the months ahead.
The company also reported a cooling off in the supercharged London residential market and again said the regional market was likely to be the key driver of growth.