Savills hits winning streak as super-rich throw cash at capital

The super-rich are splashing out on houses in London again, the boss of property agent Savills said on Thursday.

Chief executive Mark Ridley said a combination of lower house prices and a weaker sterling had persuaded both foreign and domestic buyers to part with cash.

He added: “We’re taking more market share and activity will continue.”

The business saw a 43% jump in deals for properties worth more than £15 million in London year-on-year.

Savills on Thursday warned that the year ahead would be “overshadowed by macroeconomic and political uncertainties” such as Brexit and the ongoing trade spat between the US and China, which will probably put pressure on volumes.

But Ridley, who took over as chief executive in January, said that there had been “less of an impact than one might imagine” on volumes and he remained positive about the sector.

The company saw pre-tax profits slip 3% to £109.4 million despite a rise in revenue to £1.7 billion for the year to December 31. This was because of a one-off pension cost. Underlying profit was up 2% at £143 million. UBS’s Osmaan Malik said: “Savills reported another robust financial year, benefiting from its widening diversification.”