Asda launches online property website

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by Kay Murchie

A new online property portal has been launched by supermarket giant, Asda, called www.homesinstore.co.uk.

The website will allow its customers to purchase property online and will allow sellers to advertise their home for sale and rental. The cost is £35 a week, for advertisement both in the organisation’s stores and on the internet.

However, the UK’s second largest supermarket, has stressed that the website is not an estate agency.

Last June, a similar service was launched by Tesco, called Tesco Property Market (TPM), a service to compete against estate agents by allowing property owners to sell their home online for a flat fee of £199.

However, Tesco is currently is close to selling the service to Spicerhaart after estate agents threatened legal action saying it undercut them and conflicted with their businesses.

The UK housing market has been on a downward spiral over recent months after house prices have fallen and mortgages have all but dried up. However, online property advertising has continued to see growth.

Asda will work with third parties to offer the property and will not be directly involved in any sales.

Asda has extended the online service to the South-East, Kent and Essex, after a previous trial in the North-east. A spokesperson for Asda said they are optimistic about the project.