Savills shares slide 10% as rate hikes hit global property market 

An aerial view of The Thames in London. Savills said transaction volumes in the UK tumbled about 60% year-on-year, and about 46% below the five-year average.

Shares in international property advisory firm Savills ended 10% lower after posting a  70% slump in half-year profit as high interest rates battered commercial property deals. 

Transaction activity in the global property markets has remained weak ever since the onset of the pandemic, particularly in the office and retail segments, while elevated interest levels and tighter credit conditions have further punctured deal appetite.