First Time Buyer News: Supermarket Enters Estate Agency Market

12-Jul-2006

The service, which rivals traditional estate agents, is the first of its kind offered by a supermarket and will provide first time buyers with a link to a firm of solicitors and mortgage brokers.

Asda is to charge people one per cent commission to sell their home, compared to market average of two per cent charged by estates agents.

Maud Rousseau, a spokesperson for property website Rightmove, said: "Asda is entering a highly competitive market and will need to be successful in securing both vendor instructions and home hunters to view properties.

"Obviously they are in a position to put significant resources into this effort."

Meanwhile, Chris Wood, vice president of the National Association of Estate Agents welcomed Asda into the market, although he warned: "They have got a very steep learning curve and I just hope that customers don't suffer in the end."

The supermarket also plans to provide home information packs to sellers free of charge when they are introduced next year, leading to potential savings of over £650.

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