Tesco goes into property market

TESCO, the UK's biggest supermarket chain, is increasing pressure on estate agents by entering into the lucrative British property market.

Sellers will be able to list their homes on a Tesco website for a one-off fee of about £200 – dramatically undercutting estate agents who charge £3,500 for an average £200,000 house.

The service includes online advertising and the supermarket says it will enable sellers to effectively become their own estate agent.

They will be able to upload up to 20 pictures of their property and arrange viewing dates with buyers directly. The site also offers details about local schools and amenities – and gives pin-sharp aerial views of locations.

The supermarket has linked up with various experts giving advice on insurance, conveyancing and other legal matters.

aura Wade-Gery, CEO Tesco.com, commented: “Over 1 million families a year move home, typically following a life changing event like an addition to the family or a career change, and for many it’s a confusing and stressful experience.

“Tesco Property Market offers a 'one stop shop' for everything related to moving house, and we hope this will make life a little simpler and save money for many home movers........it is the latest of our retailing services. For the home mover, it brings together our simple, convenient and affordable products in financial services, telecoms and home shopping.”