Savills, the upmarket UK-based property consultant, said it could not predict a "sustainable improvement" in the market as it reported that pre-tax profits had fallen from £33.4m (€37.9m) to just £100,000 in the six months ended 30 June.

Savills' overall revenues dropped 11% from £278.1m in 2008 to £247.6m this year. The agent's financial services business and transaction departments saw the greatest decline in turnover down 49% to £5.4m and 30% to £74.1m.