HSBC seeks £10m from Savills in property valuation proceedings

By Sophia Dourou (May 30, 2022, 3:01 p.m. BST) – HSBC is seeking £10m ($12.6m) from Savills in a lawsuit that accuses the upmarket estate agent of inflating disregard the value of London property, saying it led the bank to make risky lending decisions.

HSBC UK Bank PLC has increased the amount it seeks after Savills ‘negligently’ overstated the value of a property by £15million, in an amended High Court claim, which was filed on May 20 and has now been made public.

The estate agent was hired by HSBC to provide appraisals on the properties that served as loan security. HSBC seeks damages from Savills for…

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