International property services company, Savills, said the effect of the credit squeeze on property was spreading across Europe and even into Asia, in its trading update for the half year ended 30 June 2008 published on Tuesday. The update showed business in the UK and US Commercial Capital Markets was down on the comparable period in 2007. According to the statement these trading conditions have now spread to many parts of Europe where the number of transactions is declining due to financing difficulties.
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