Newspaper article The Evening Standard (London, England)

'Ripple Effect' Helps Savills to Shift PS6bn of Property

Newspaper article The Evening Standard (London, England)

'Ripple Effect' Helps Savills to Shift PS6bn of Property

Article excerpt

Byline: Russell Lynch

ESTATE agent Savills sold more than PS6 billion worth of UK homes last year as London's housing recovery rippled out to the regions, the company said today.

Profits from its UK estate agency business jumped 34% in 2013, chief executive Jeremy Helsby said, as the value of property sold by Savills jumped 15% to PS6.1 billion last year.

In London, transaction volumes rose 13% on the year with the average sale price of a home in the capital rising around 13% to PS3.2 million. Helsby said: "We've still got very strong markets in London and still got a shortage of supply, so although people worry about this market we're still way down on the peak. The fundamentals remain very strong." He added: "More and more are coming here to work we're now the sixth-largest French city. I live in South Kensington and I never hear anybody speaking any English."

Londoners are also buying in the regions, where prices are expected to grow more strongly than the prime London market this year. …

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