Savills attracts attention because it sells the plush country piles that fill the back pages of glossy magazines. But this surveying business is a lot more than just an estate agent and it is its more mundane property management operations that will keep the business ticking over through the brunt of a housing market downturn.

Despite the challenging conditions, which have seen underlying pre-tax profits fall by 41 per cent to £19.2 million, the company is seeing pockets of hope. Transactions in both the commercial and residential markets in the UK may have decreased dramatically but in Asia it's almost business as usual. There are even signs that German funds, the most stoical of property investors, are preparing to come back into the London market.

In the meantime, the consultancy and property management businesses, which accounted for 70 per cent of first half profits, are enjoying good demand. Property advisory work, particularly in the commercial sector, which is Savills's bread-and-butter' does not evaporate overnight in a market downturn. If anything, property owners and occupiers need more guidance at uncertain times. Many occupiers will want advice on reducing the space they pay for or on negotiating rent reviews with landlords. Owners want to know if they should cut their losses and sell, or how to sweat their assets harder.

Savills may be trimming its sail in these high seas, by getting rid of some estate agents and cutting back on marketing and travel, but it is still well positioned for the long term. It has used the cycle to poach a corporate finance team from rival DTZ - an area it has long targeted. As accountants and lawyers know, there is plenty of work around in a recession. It's just not the joyous, commission-led sales that surveyors have got used to during the recent property boom. If Savills people are prepared to graft hard at restructurings and downsizing advisory work, they will do more than just keep the wolf from the door - until the market recovers.

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