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Covid: Profits slump by 54% at Savills’ UK residential operation

first_imgHome » News » COVID-19 news » Covid: Profits slump by 54% at Savills’ UK residential operation previous nextAgencies & PeopleCovid: Profits slump by 54% at Savills’ UK residential operationFigures would be worse but for ‘an oustanding’ performance at its lettings and build-to-rent division, and a sharp recovery in the country sales market.Nigel Lewis6th August 202001,732 Views Savills has reported a 54% reduction in profits within its UK residential business to £1.6m for the first six months of 2020, from £3.5m last year.This follows an 8% reduction in revenues as trading volumes dropped to the lowest since the global financial crisis in 2007/8, although its figures have been buoyed by lettings and build to rent, which delivered ‘an outstanding performance’ with revenues up 87% year-on-year.Overall its wider UK operation turned over £52.9 million, £4.4 million less than the first six months of 2019, created largely by a 16% drop in revenue at its sales division, which is blames squarely on the housing market suspension during lockdown.Under offerSavills is optimistic about the future despite these difficult results for the first half of 2020, revealing that it saw a record number of transactions going under offer once the market re-opened, and that this will help close the gap for its full-year figures.“This recovery was primarily in the country market as buyers sought outside amenity space,” says Mark Ridley, its soon-to-retire Group Chief Executive (left).“But we have also seen a significant recovery in activity in the core London market during the same period together with improved activity from international buyers in Prime Central London.”Savills overall transaction volumes for exchanged were down 8% in London and 27% in the regional markets, and the company’s figures show the strongest market in London was in the £500,000 to £1.5 million bracket.New homes sales dropped by 17% during the first of the year, and reservations were down 16%, which Savills pins squarely on the disappearance of overseas buyers from the London market.Industry reaction“Savills UK results are robust but perhaps hint at the wealth impact of COVID-19 on the UK Housing market, whilst the average house price in the UK is around £240,000 the average price of the homes Savills sells is £1.2m in the regions is and £1.9m in London,” says Anthony Codling, CEO of Twindig.Mark Ridley Savills August 6, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

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Agent warns industry after window signage fraudsters scam his firm

first_imgAn agent in Kent is warning others to be wary when ordering window displays after being targeted by scam.Richard Crosby, MD of independent estate agency Lovetts, which has branches in Margate and Birchington, says he wants to alert others within the property industry to the fraud he was subjected to.Crosby says the scammers, who claimed to be from a legitimate signage business called We Do Signs, contacted him via email offering to supply LED window displays for both his agency’s branches.“Make your estate agency stand out from the crowd with LED Light Pockets,” the email said, claiming falsely to have already supplied an firm in Middlesex.“LED Light Pockets offer an innovative tool to promote your business in a professional and eye catching way, drawing customers in.”But the fraudsters had instead copied the branding of the legitimate company and used an email address with an almost identical URL to the real firm.The real We Do Signs does not manufacture signage for estate agencies, and the company was not involved in any way in the fraud.“The email I received from ‘Dan’ looked legitimate as did the email address and their bank payment details which came up as We Do signs, so after having a relatively lengthy discussion about cost via email I paid £2,000 plus VAT and awaited the new signage,” says Crosby (pictured).“Even though they got the VAT rate wrong, I made the classic mistake of thinking that this was such as good deal that we might as well just roll with it,” he says.But six days later nothing had arrived and despite several chasing emails and apologetic replies about stock and delivery problems, the scammers eventually went silent.Crosby is urging agents to be wary of fraud attempts like this which appear to be increasing during Covid while face-to-face contact is less common and more suppliers are switching to online only sales methods.We Do Signs window display scam led window display Richard Crosby Lovetts April 13, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Agent warns industry after window signage fraudsters scam his firm previous nextAgencies & PeopleAgent warns industry after window signage fraudsters scam his firmRichard Crosby of Kent agency Lovetts says fraudsters cloned legit firm’s identity to trick him into paying £2,400 for new LED signage.Nigel Lewis13th April 20210919 Viewslast_img read more

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