Profits for Savills
Savills, known in Winchester for their estate agency office, have pointed to continuing strong demand for property when it comes to "super prime" property investments.
The super prime residential market is defined as including properties that are marketed for £5 million or more. Many investors in such properties are from overseas and are looking to profit from the UK housing market.
Market analysts have been predicting that the Savills group might make up to £80 million of pre-tax profits for this year, reflecting the good performance of many estate agents.
Savills does have a bias towards the higher end of the property market, meaning that the business appears to have been sheltered from the cooling of the general market, which has been triggered by rising interest rates.
The Bank of England's Monetary Policy Committee (MPC) is due to meet tomorrow, with it being widely reported that UK home-owners can expect to see a further rise in interest rates.
Filed: 4 July 2007
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