Savills is the latest in a string of agencies deciding to furlough a number of staff in the UK, under the government’s Coronavirus Job Retention Scheme.
The agent did not confirm how many employees or which teams will be affected.
However, market sources have indicated areas that may likely be affected include elements of its residential business, and some admin-based roles.
A spokesperson for Savills said: “Savills is committed to protecting the wellbeing of its staff and their long-term employment during the Covid-19 global pandemic crisis.
“Where applicable, the group will examine and avail itself of the support offered by governments and respective job retention initiatives.”
Earlier today it emerged that CBRE and Colliers have decided to take similar measures.
As disruption from the coronavirus pandemic deepens, many property firms have taken measures to cut back their workforces through furloughs, pay cuts or redundancies.
These include Cushman & Wakefield, JLL, Avison Young, Lambert Smith Hampton and Christie & Co.
Under measures to protect jobs, the government will pay 80% of wages for affected staff, up to a monthly cap of £2,500.
As part of its cost-saving strategy, Savills last week said it would withdraw payment of both its final and interim dividends, totalling 27.05p per ordinary share.
The board has said it will consider an “enhanced interim dividend” to replace these. It will make a decision on this at its annual general meeting, which has been moved to 25 June.
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