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LONDON-Savills, the listed international property adviser says business has strengthened in both the UK and overseas. When it last reported it expressed concern about continuing weaknesses in commercial leasing and the Asian transactional markets but these appear to have improved.

Savills said the property investment markets throughout the UK remain strong with significant demand for property from domestic, private and institutional as well as overseas buyers. This increased demand reflects in part investor’s lack of confidence in the stock markets.

But the firm warned that tenant demand in London and the South East is still being adversely affected by the downturn in the technology-based industries. But elsewhere demand remains robust. At the same time Savills is reaping the benefits from its exposure to the residential sector during the strongest market for over a decade.

The European investment market continues to be very active and Savills is benefiting from its strong position in that market. In Asia the level of transactional income remains subdued and no significant upturn in activity is currently anticipated. But in Australia the market has been largely unaffected by the global recession .

The only caveat in the statement is a warning that continuing volatility in the financial markets result could in a drop in levels of activity. However, the current strength of the property markets in which we operate gives Savills grounds for cautious confidence about the likely underlying performance for the year.

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