Tesco Lands in Estate Agency Business

Tesco has initiated with tentative steps into the estate agency market. The supermarket giant will now offer its customers a chance to employ estate agents Spicerhaart for £999 to assist them to sell their homes.

The service, iSold. com, will be available through Tesco's website. iSold. com is reported to soon extend the availability of its service in Reading, York, Portsmouth, Crawley, Southampton, London, Kent, Manchester and Birmingham and Leeds. Users will also be able to purchase Home Information Packs, conveyance services, surveys and arrange their mortgages.

Sellers need to register for a free online valuation before a valuer visits to confirm the price, take photos, measure the rooms and note the property details.

Customers will pay £299 upfront for marketing services and the additional £700 when iSold. com has successfully sold the property.

"Encouraging new business models, online estate agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers", posted John Fingleton, Chief Executive of the OFT.