Tesco and Spicerhaart launch online estate agency

| March 5, 2010
”Tesco

Tesco has joined forces with Spicerhaart to launch an online estate agency aimed at saving home-sellers money.

iSold.com is so far only available in the Bristol area; the new service charges a flat fee of £999 in return for which properties are advertised on portals such as Rightmove.

All contact with vendors and purchasers takes place either online or over the telephone.

Tesco has already made a brief foray into the online estate agency sector with Tesco Property Market, an advertising service for house-sellers.

However, the venture fell foul of current regulations and had to be withdrawn.

Since then, the Office of Fair Trading (OFT) has recommended a shake-up of the way in which UK homes are sold, saying it wants to see new legislation that encourages innovation in the market.

The watchdog is encouraging new entrants and online services in particular.

However, it warns that current legislation dating from 1979 may need amending to ensure new business models are not burdened by inappropriate regulation.

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