Tesco Backs New Online Estate Agency Service

Fri, 05 Mar 2010

 
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Tesco is backing the launch of a new cheap online estate agency service run by Spicerhaart estate agents . The new website iSold.com will be aimed at sellers and buyers in the Bristol area initially, with the giant supermarket chain expected to advertise the service heavily on its own website. While critics are likely to be concerned at seeing supermarkets further diversify, the launch of the service follows an appeal by the Office of Fair Trading (OFT) for more innovative online estate agency services to help increase competition and reduced prices.

The online service will charge a flat fee of £999 for any sale, instead of the customary charge of between 1.5 per cent and 2 per cent made by most estate agents. Neither iSold nor Tesco would reveal the nature of their commercial relationship, though Tesco did confirm that it already has a similar link up with flower selling service Interflora.

The new service comes three years after Tesco briefly launched an online property selling business, Tesco Property Market . The service was pulled after Tesco realised the extent of the restrictions on the business.

Other supermarkets such as Sainsburys have diversified broadly in recent years, offering a wide range of products such as loans and insurance .