Asda moves into property market
Supermarket chain Asda yesterday made its first move into the property market, launching a new service that will allow shoppers to buy and sell their homes from within its stores.
Under the scheme, homeowners will be able to register their properties for sale through Asda, while potential buyers will be able to view properties on the market online and at computer terminals located within the company’s stores.
The retailer, which will levy a one per cent commission charge on the price of each home sold, claimed the scheme could save sellers thousands of pounds in estate agent fees, which are usually 1.5 to 2.5 per cent of the sale price.
Asda said that a separate company would oversee home visits and viewings on behalf of the retailer, with around 40 valuers, surveyors and estate agents employed to assist shoppers who choose to buy or sell their homes through the retailer.
Commenting on the new service, Asda’s head of financial services Gev Lynott said: “House prices have increased by 168 per cent over the last decade and it’s not buyers or sellers but estate agents that have been the real winners.”
“If you’re looking to pick up a pad and not pay through the nose we reckon you’ll think this of service is long overdue.”
