Tesco is in talks to sell its internet estate agency business to Spicerhaart, one of London and the south east’s largest independent estate agencies.

Spicerhaart said it would buy the business as part of plans to develop a new internet angle to its company.

Paul Smith, chief executive of Spicerhaart, said: ‘Final negotiations are taking place with Tesco to buy their estate agency business. Spicerhaart is developing a new innovative virtual estate agency business in partnership with Tesco, who will be the main distribution partner.’

Value and choice

A spokesperson for Tesco said: ‘We have been reviewing our internet estate agency for some time and exploring ways in which we might be able to bring more value and choice to home movers. This has involved us talking to others in the industry and we are now in the final stages of negotiations for a deal to sell TPM to Spicerhaart.’

The talks follow a wave of problems when Tesco first launched the online business in 2007, offering to sell homes for a flat fee of £199.

Most of its estate agency partners, including Spicerhaart, pulled out of the site saying it undercut them and conflicted with their businesses.

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