88pc slump hits agency

Upmarket property firm Savills, which has a branch in Telford, today revealed profits in its estate agency business slumped 88 per cent during the first half of this year.

Savills said there was a "significant" fall in sales, and said the lack of completions in London area was largely to blame - warning prime Shropshire properties are now following suit.

Underlying pre-tax profits fell to £2.5 million during the six months to June 30, compared with £20.9 million the year before. Revenues were down 22 per cent to £105.3 million.