Tesco could become free to sell homes after the Office of Fair Trading yesterday called for a legal shake-up to prevent excessive estate agents’ fees.
Last year Tesco was forced to shut down a new website allowing customers to sell their houses for a flat fee of £199, due to legal restrictions.
But the OFT has said people should be able to sell their homes via websites such as Tesco’s, which charged a basic fee to feature properties rather than the percentage of sale price required by estate agents.
An OFT survey found sellers were losing up to £10.5bn a year because estate agents were not working hard enough for them.
The proposal could see removal of the legal requirements for verifying the details of homes for sale, reducing costs and allowing companies like Tesco or Google to move into the property market, the Daily Mail reports.
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