Upmarket estate agent posts 16% increase in pre-tax profits but says stamp duty rise may also deter buyers in coming months The upmarket estate agent Savills has warned that Britain’s housing market could slow in the coming months due to increased stamp duty and growing uncertainty surrounding Britain’s membership of the EU.
The firm beat City forecasts with a 16% rise in pre-tax profits to £98.6m for 2015,with revenues rising nearly a fifth to £1.3bn. Underlying profits in the UK were up 10% to £71.7m while Asia posted a 1% decline to £34.2m, with a slowdown in mainland China and Singapore. Savills has been expanding abroad, or its smaller businesses in continental Europe and the US performed well.
Continue reading...
Source: theguardian.com