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Savills raised profit forecast for the year

By Daily Mail Reporter
Updated: 04:23 EDT, 18 December 2009

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A stronger than expected recovery in the property market has prompted Savills to raise its profits forecast for the year.

But the estate agency chain questioned the sustainability of the revival, particularly in the UK residential market.

Shares rose 11.2p to 301.2p after it reported a higher than expected level of transactions and completed a greater number of commercial deals than expected.

Savills said: 'We remain cautious about the sustainability of the UK residential and Asia Pacific transaction markets in 2010.'

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