On March 10th I warned, ahead of results, that the risk was on the downside for Savills (SVS, 221p). (See my comment here).

Since that date, Savills are down 37% in absolute terms, and down 27% relative to the FTSE 250.

Over the last few weeks however we’ve seen a bit of life come back to the Agencies (and property management and surveyors etc), in the form of director buying at Colliers Re (COL, 40.5p).

CEO David Izett has trebled the size of his holding by buying 100,000 shares at between 40p and 46p between 26/6 and 1/8.

Non exec Chairman Sir John Ritblat has increased his position in Colliers CRE by almost 50%, buying 300,000 shares at 46p to take him to a holding of 935,000.

These two directors have invested almost £180k between them. Not a huge amount, but the first indicator of value in a dead sector.

Addendum

August 6th :

Further buying has been reported by Colliers CRE as follows

1/8 Non exec Chairman Sir John Ritblat has bought a further 250,000 shares at 40p, taking his holding to 1,195,000 shares.

4/8 Non exec Colin Wagman has bought 50,000 shares at 41p, a maiden purchase for him.

These purchases reinforce the positive case for the agents, and I expect Savills and Colliers to perform well from here.