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Savills sees conditions deteriorate in UK

Savills has published its trading update for the year ended December 31 2008, which show its mortgage broking business has seen a significant fall off in expected 2008 volumes.

It reports that its financial services business, which is predominately UK mortgage broking has seen market conditions deteriorate further.

While overall, its main UK residential, UK commercial and Asian businesses are performing as expected during the last quarter of 2008.

But its businesses in Europe and the US and our mortgage broking business, which are all very heavily dependent on transactions, have not performed to expectations.

Since its interim management statement on October 17 2008, it says its transactional businesses world-wide has continued to operate in challenging markets.

While some deals are completing, it is not seeing the seasonal pick up in activity it has grown to expect and many pipeline transactions, which were at an advanced stage have either been delayed or are not proceeding.

It says in these challenging markets, its robust balance sheet and committed bank facilities until 2011 are a major strength.

The board will consider its dividend policy in light of the full year result for 2008 and trading in the early part of 2009.

It says any return to higher levels of transactional activity will depend on how quickly confidence returns to financial markets.

Savills will announce its full year results on March 11 2009.

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