Savills confirms property activity slowdown pre-EU vote

Savills confirmed UK commercial and residential property activity has slowed in the run up to the UK's European Union referendum, but that its expectations for the year remain unchanged.

The FTSE 250 estate agent said the first four months typically represent a small element of the full outturn for the year.

In UK commercial, Savills said it continued to maintain a significant share of the Prime UK investment and leasing markets, while in residential the boost in activity ahead of the Stamp Duty increase last month has since tailed off.

US activity has also eased off, with political uncertainty blamed ahead of the presidential race.

US property investment market volumes have dipped, but its predominantly occupier-related business has traded marginally ahead of expectations and continued to expand through its recruitment programme.

Asia Pacific has traded in line with expectations, with good Hong Kong and China trading offsetting slower activity in Japan.

Continental Europe was also in line as Ireland, France, Sweden and the Netherlands provide strong growth, although Savills did attribute some current volume pressure from the uncertainty surrounding "Brexit".

Globally, the consultancy and property management businesses generated continued revenue growth, with particular strengths in the UK and Asia.

Shares in Savills were up 2.1% to 767p, earlier coming close to their highest level since early January.