Savills, the property consultancy, warned that profits for the current year would be 'significantly' below expectations and said it was considering its dividend policy in the light of the downturn in commercial and residential property.

The group, which warned two months ago that profits would be below forecasts this year, yesterday said that the downturn in the UK buy-to-let market would lead to a fall in group profits for 2008.

Savills said a decision on the dividend distribution – 18p last year – would be made at a board meeting in February once the full-year figures had been compiled.

Financial Times, The Times