View more on these topics

Savills on track for £40m profit in 2010

Savills Group, the parent company of Savills Private Finance, says it is on course to make profits in excess of £40m in 2010.

In its Q3 interim management statement released today, the group says it anticipates its underlying profit before tax for the year to December 31 2010 will be more than £40m.

This compares with its underlying pre-tax profit of £25.2m in 2009.

It says revenue at Savills Private Finance has continued to be stable, but the mortgage market remains stagnant.

Since June it has seen transactions in the prime London residential business continue at a healthy level, but it expects Q4 will see lower volumes than that of 2009.  

Its commercial transaction advisory business has also continued to perform strongly, with Q3 revenue over 60% ahead of the same period last year.

It anticipates that it will continue to perform well through Q4 although with limited growth against the strong comparative quarter last year.

Its residential agency business has continued to match 2009’s strong performance since June, driven by continued strength in the prime London market.

A highlight has been the sales performance of a range of luxury developments, which could complete within the calendar year.

The group is in a net cash position and has an unutilised facility of £50m.


CHL downplays fresh B2L funding

CHL Mortgages chief executive Bob Young has played down the impact new funding for lenders such as Paragon Mortgages and Precise Mortages will have on the buy-to-let market. Young says although it is good to see funding coming into the market it is only chipping away at the edges. He says he would love to […]

RBS said yes to 90% of cases as lending grew

The Royal Bank of Scotland says it accepted 90% of mortgage applications in Q3 2010 as it reported gross lending of £5.3bn – an 8% rise compared with Q2. In its interim management report last Friday, the bank also revealed its net UK mortgage balances increased by 6% to £2.6bn. But it reported an operating […]



Lloyds group has a new CEO, who did a great job while at Santander, and is paying off its loans faster than expected. Meanwhile, Platform is following its lead with restrictions on buy-to-let criteria.


Santander’s national key accounts team on community day for arts organisation Art4space Can you put the boot in to your nearest and dearest to win this delectable bottle of bubbly? In addition, competition sponsor Tiuta will donate £100 to Great Ormond Street Hospital. Submit a witty caption for the photo above and you will be […]

Could Proptech revolutionise construction?

By Rebecca Murphy, relationship manager, LendInvest  The construction sector offers enormous potential when considering the implication emerging technologies could have on both existing processes and final results. While the completion of an entirely 3D-printed office block may be ‘sexier’ news than a new smart toolbelt that tracks the wearer’s location on site, each area of development […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • kerry williams 8th November 2010 at 5:33 pm

    ” stable and stagnant ” are the key words . i presume therefore that SPF is still making losses or the release would have said otherwise ? dont know why they cant be transparent about it . when they made profits they seemed to be !

  • Ancient a mortgage broker in N3 8th November 2010 at 11:25 am quitting mortgage broking for estate agency at end of 2010.