Sales at Savills, which has offices in Cheltenham and Cirencester, were up 11 per cent for the first half of the year.

The performance for the six months to June 30 was comfortably ahead of pre-pandemic levels.

Overall commercial transaction revenue increased by 26 per cent, with growth across all regions.

Mark Ridley, group chief executive of Savills plc, said: "2022 has presented a number of heightened macro-economic, geopolitical, and, in some locations, continued Covid-related risks to investors, corporates and to many people's personal lives. I am delighted with the responses of our people and our clients to doing business in challenging circumstances and specifically in respect of their support for Ukraine.

"Despite staff cost inflation and the anticipated increase in discretionary costs, we have performed well so far this year, in line with the board's expectations. With our strong balance sheet, we are continuing to undertake a variety of business development activities across the group to enhance our service to clients worldwide.

"With inflation driving interest rates up globally, a new experience for many market participants, real estate markets began to adjust in the second quarter.

"At this stage, it is too early to predict with any accuracy the potential impact of the political and economic environment on real estate transaction volumes globally, although clearly the risk is towards a short term reduction in activity."

Image credit: Google Maps 2021