Rumours are circulating that Tesco, current king of all things retail in Britain, wants to move into the property market.

According to "The Negotiator", an industry magazine for Estate Agents publication, Tesco is planning a cheap online platform for private sellers to list their homes for sale for a knock-down fee of only £199.

Your 200 quid investment will get you online advertising space and a Tesco branded "For Sale" board.

Apparently the online service will also offer a valuation calculator, so that you can work out what your pad's worth without the help of estate agents and a buyer vetting service through a third party data outfit.

According to The Telegraph, only 7% of houses in Britain are sold privately, but Tesco making a move into this area is not going down well in the industry.

Tesco, already heavily criticised for killing the traditional British high street and on the receiving end of some pretty severe anti-Tesco campaigns is facing obstructions from current players in the online property game.

Rosalind Renshaw, editor of The Negotiator, said:

"Established estate agents are hopping up and down over this and their livelihood is under threat."

"What estate agents are very good at is negotiating the best price for their vendor and are very good at nursing through deals where complicated chains are involved. The question is can Tesco do either of those things?"

>> Via - The Telegraph