Savills says its UK residential lettings business delivered a “robust performance” in 2024, according to a statement to shareholders.

It says lettings revenues increased 2%, driven by the Prime London market which represents circa 70% of the business.

UK residential transactional revenue increased by 7% to £183.3m (2023: £171.0m) with mainstream residential markets benefitting from two interest rate cuts. 

Savills’ overall figures are based on UK residential activity but most international consultancy and property management services.

Overall revenue increased by 7% to £2.4 billion (£2.2 billion in 2023) and there was a 38% increase in the group’s underlying profit to £130.4m with an underlying profit margin of 5.4% (4.2% in 2023).

Savills also claimed strong performances from online auctions, its hybrid agent YOPA, its Cureoscity platform for landlords and managing agents, and a 3D digital platform called VU.CITY.

Chief executive Mark Ridley says: “Savills improved performance in 2024 reflects the robust earnings provided by our less transactional businesses together with the effect of our inherent operating leverage in the early recovery of transactional markets.

“Most markets were in recovery as we entered 2025 and, whilst uncertainty continues, there remains the expectation of reductions in the cost of capital during the year.

“We expect re-financing driven activity and the trend towards corporates requiring greater office attendance for staff to continue to be positive for transaction volumes. Savills remains well positioned to deliver against the Group’s strategic objectives of broadening our offering to clients across geographies and service lines, supported by a strong balance sheet and thus driving profitability as market recovery continues.”