Savills to 'avoid' turmoil

By Andrea Watson
Posted: 2008/09/15

UPMARKET property group Savills said there would be no shortage of customers willing to pay top up prices for their homes despite the credit crisis

Chief executive Aubrey Adams said resilience in the market would help offset a slowdown in the commercial property sectors as companies wait to see how the debt market turmoil          pans out.

But the company's shares fell by 21p to 439p because of their caution going forward.

"We are cautiously confident, " he said. "We don't think the turmoil has made much of an impact on prime residential.

"There are still plenty of people in the City who are making lots of money, and half of all top-end residential sales are from abroad." He was speaking as the company said pre-tax profits rose 7% to £33.2million.