Savills (SVS) Trading Update summary

Trading performance and market conditions

• Full year 2024 performance expected to be in line with expectations and substantially ahead of 2023.

• Recovery in most markets was observed, though at a shallower trajectory due to macroeconomic and geopolitical volatility.

• UK business performed strongly, supported by prime residential, commercial transactions, and less transactional service lines.

• North America saw significant improvement, despite some transaction deferrals to Q1 2025.

• Asia's activity in Greater China remained subdued, but property and facilities management provided stability; Japan, Vietnam, Australia, and Singapore showed positive trends.

Business segment highlights

• EMEA business improved year-on-year, with restructuring in France and Germany aiding results.

• Savills Investment Management raised approximately £2bn and launched two new pooled fund products.

• Consultancy and Property Management businesses performed well, contributing to resilient earnings.

Outlook and expectations

• Challenging macro conditions are expected to persist, but most markets are in recovery.

• Market sentiment has shifted to expectations of progressive reductions in the cost of capital during 2025.

• Re-financing activity, sustainability initiatives, and increased office attendance are expected to support transaction volumes.

• Continued improvement is anticipated through 2025.