New research has revealed that two-thirds of Britain’s estate agents believe that the new cut-price estate agency offering from Spicerhaart and Tesco, will have an impact on the UK property market.
Over 200 estate agents were questioned by residential property services business movewithus on the introduction of iSold, which has launched in Bristol in March and is set to be rolled out across the rest of the UK.
While a third thought it would have no impact, nearly half (45 per cent) said they thought it would force other agents to reduce fees, and a fifth believed it would reduce the number of agents on the market by up to a quarter.
Of those who believed that fees would be cut, almost one-third (29 per cent) thought it would reduce fees by up to 0.5 per cent, and 5% claimed the reduction could be by up to 1 per cent.
A further 17 per cent thought the presence of iSold would result in a new pricing system based on a scale of charges.
Robin King, online director of movewithus, said: "iSold may only be a tentative step into the property market by Spicerhaart and Tesco, but only the most confident of agents can sit back and ignore the arrival of the retailer on to the property scene, as they gear up to make a significant impact in the long term."
"Agents will need to set up business plans to accommodate the lowest fees, whilst focusing on their local experience and expertise. This, combined with an enhanced online presence, will help the agent to remain successful in the future market."
iSold.com is Tesco’s second attempt at entering the housing market. The supermarket’s first property venture was adversely affected with legal challenges from the outset and eventually sold to SpicerHaart.
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Estate Agents Concerned Over The Arrival Of iSold Thu, 10 Jun 2010
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