Joe Slavin, chief executive of fish4homes, the largest agency signed up to Tesco's new property-selling web site, has reportedly terminated its deal with the grocer. The move could result in Tesco losing out on tens of thousands of referrals from more than 7,000 estate agency branches across the UK.
Spicerhaart, one of the largest group of agents in the Southeast and a member of the fish4homes network, has already cancelled all its online advertising with the grocer, following concerns that Tesco's site would conflict too much with its own business.
On Tesco's new web site, sellers are able to register their homes for a flat fee of£199, undercutting estate agents that can charge anything up to 3 per cent of the value of a property. Customers will then get a Tesco-branded 'for sale' sign to put up outside their house.
At the launch, Tesco.com chief executive Laura Wade-Gery said: '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.'