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LONDON (MarketWatch) -- U.K.-based real estate company Savills said Tuesday that trading conditions in the U.S. and U.K. have continued to deteriorate in the first half of the year, with the tough conditions spreading to many parts of Europe and starting to emerge in Asia. The group said its U.K. residential business has seen transaction volumes fall around 45% in London and prices dropping 7.5% since the start of the year. Transaction volumes in U.K. and European commercial markets are down significantly and the credit squeeze is starting to have an impact in the more developed Asia Pacific countries such as Japan and Australia, the group said. Overall it added the tough markets "make predictions of a full year performance very difficult."

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