Savills finishes 2021 at full pelt
Savills described their 2021 full-year performance as ‘very significantly ahead of expectations’ having experienced a much stronger finish to 2021 than they expected at the time of their previous trading update on 9 November 2021. However, the Group is cautious in its outlook for 2022. The housing market made hay during lockdown, but the opening up of the economy and relaxing of travel restrictions this year is likely to lead to more normal patterns of activity in the UK housing market, therefore, this year hay may be taken out rather than put in Savills barns.
What they said
Savills described their 2021 full-year performance as ‘very significantly ahead of expectations’ having experienced a very strong finish to 2021 following their previous trading update on 9 November 2021.
Savills is a global real estate business but noted extraordinarily strong trading in the UK and the Asia Pacific region, in particular in the prime residential sectors.
The Group believes, as we do that lockdown restricted expenditure in respect of travel, entertainment and big-ticket items such as cars led to increased spending on our homes, which has enhanced activity in the housing market. As memories of lockdowns fade and economies open up, we expect more normal patterns of expenditure to return and the continued shortage of homes for sale may lead to lower activity in the UK housing market during the coming year.
We will get our first look as to how Savills 2022 is shaping up when they report their full-year results on 10 March 2022