Savills settles out of court in home valuation case
Share
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 believed the true value was more like £10m.
McKay was also told that a property investor was interested in buying his seven-bedroom home in Sunningdale, Berkshire.
But in reality the buyer was developer John Morris, who 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 the estate agency.
A joint statement from Savills and Barry McKay has been issued.
It says: “Savills and 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 profes-sional conduct that clients associate with Savills. Settlement has now been agreed.”
Separately McKay says: “I am pleased we can draw a line under this issue. I recognise that Savills has been the victim of a rogue employee. It is a firm of high professional standards which I would be happy to use again.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
