The trade body that represents estate agents is to create its own free advertising website, a move that threatens to torpedo the business plans of its quoted rival Rightmove.

The National Association of Estate Agents, which represents residential estate agents, is planning to launch Property Live in October and is being supported by its 10,000 members.

The new website could prove devastating to sites such as Rightmove and Findaproperty.com, which charge a monthly subscription of up to £495 to advertise houses and flats on their property portals.

Any further upgrades, such as displaying extra photos, can cost an additional £100 per property.

Sunday Times

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