Knight Frank is furloughing agents and other staff with the company topping up the taxpayers’ funding to ensure employees get 100 per cent of their usual salary.
A statement from senior partner and group chairman Alistair Elliot says: “During a time when residential and commercial markets have slowed, we are participating in the government’s Coronavirus Job Retention scheme, resulting in a number of our UK staff being placed on furlough.
“The partnership will be topping up the government funding so that those on furlough remain on full salary.
“We have also decided not to apply an annual pay review this year and are implementing salary adjustments for those who earn above a minimum threshold, which we will review as soon as markets permit. We have also reduced the monthly drawings of all our proprietary partners.
“These are uncertain times but Knight Frank is a strong firm with great people and great clients. Our teams are adaptable and remain committed to ensuring the ongoing success of the partnership.”
Connells is known to have furloughed the majority of staff in its 600 branches but has suggested they will be paid their full salaries and commissions until the end of May.
Some weeks ago Purplebricks said it would furlough its directly-employed staff; there are around 300 call centre and head office staff on traditional work contracts, in addition to its 600-plus self-employed territory owners and Local Property Experts