Savills reports growth in the Home Counties

2007 was a year of change and of substantial regional growth for Savills, according to Paul Jarman, Head of Savills’ Home Counties Region.

He comments: “Stretching from Esher and Weybridge in the South of the region, to Harpenden in the North, we identified key growth areas to the West of the region and acquired Christopher Rowland with offices in Northwood, Rickmansworth, Amersham and Chesham last year. We also opened a new residential office in Barnet during the second half of the year.

“We have recently opened a professional Valuation team in Windsor and have expanded our New Homes operations with departments in Northwood and Barnet, to compliment our existing and established New Homes operation in Sunningdale. We will also be opening a new office in Cobham this April.

“We were able to make the most of a strong residential market, whilst keeping control of costs and increased turnover by a massive 50%. These positive end of year results reflect the contribution of the new offices, together with an increased turnover in all existing offices last year.

“This year the residential market has been patchy, with some offices reporting a good level of activity and others finding it hard to close the gap between vendors’ expectations and buyers’ offers. The erosion of confidence has been compounded by increased press speculation over whether prices are going to fall.

“We expect the number of housing transactions to fall within the Home Counties by possibly up to 20% on 2007 levels. However, as less vendors are considering selling, this constrained supply may support a small price growth during 2008, particularly if the global credit crisis eases and confidence is restored.”

Jane Ingram, head of Savills Lettings, comments:

“The Lettings operation in the Home Counties during 2007 saw turnover increase by 83% year on year. This dramatic increase is the result of the growth in existing offices, the opening of a new department in Esher, covering the Elmbridge area; and the successful integration of Christopher Rowland. 2008 has started strongly – the result of a combination of people currently choosing to rent, rather than buy and a strong corporate market in what is, historically, a quiet time of the year.”

For more information, visit Savills.co.uk.