UK house sales boost Savills

ESTATE agent Savills has cautioned over a slowdown in the housing market, but cheered the resilience of its UK arm.

The group reported a 13pc rise in profits to £112.4m for 2017, with revenues up 11pc to £1.6bn.

Savills warned the property market was set to cool down over the year ahead. Its UK residential sales division saw a 7pc rise in underlying profits to £18.7m as revenues grew by 4pc to £128.9m.

Property prices fell in the second-hand homes market in London, while outside the capital, prices rose, which led to a 5pc drop in exchanges, it added.

Star performer was the Asia Pacific arm, where profits rose 31pc to £55.6m.