Savills property fears

SAVILLS has warned the property market is under threat from a cocktail of economic woes.

These include red- hot inflation, soaring interest rates and the war in Ukraine. The estate agent said revenue from residential sales fell 8pc to £95.8m in the six months to the end of June, while the commercial market began to slowdown after enjoying a strong period. The only bright spot was Central London’s prime property market which is expected to continue to perform well as wealthy buyers flock towards high- end apartments and houses, it said.

savills’ profit slipped to £59.2m – down from £66.1m a year earlier – in part due to rising staff costs.