Savills agrees settlement over rogue employee
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Estate agency Savills has agreed an out-of-court settlement after a rogue employee undervalued a seller’s home by millions of pounds.
It is reported that an estate agent told Barry McKay his home was worth £2.9m when he actually believed that the true value was more like £10m.
McKay was also told it was a property investor was interested in buying his seven-bedroom home in Sunningdale.
In reality the buyer was developer John Morris, whom McKay had previously had a dispute with and had already made clear that he did not want to sell to him.
McKay has received undisclosed damages as a result of the out-of-court settlement reached with Savills.
A joint statement from Savills and Barry McKay has been issued, which says: “Savills and Mr McKay are pleased to have settled this dispute, brought about by the actions of a rogue employee who failed to live up to the high standards of professional conduct that clients associate with Savills. Settlement has now been agreed.”
Separately McKay says: “I am pleased that we can now draw a line under this issue.
“I recognise that Savills has been the victim of a rogue employee and I know they are a firm of high professional standards which I would be happy to use again.”
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