Estate Agent Today

Countrywide, the UK’s largest estate agent, has bought the UK franchise of Sotheby’s International Realty. The deal, for an undisclosed sum, will last 25 years and propel Countrywide into the realms of pricey global real estate.

There is currently just one UK office, in London’s Mayfair, but Countrywide plans to grow the brand in London and across the UK and Channel Islands.

“Finding the right locations, top-quality premises and the right people to run the offices will be absolutely key,” said Countrywide Group chief executive Grenville Turner.

The deal will give Countrywide access to sellers of the highest-end properties in the UK, whilst also giving it access to a global pool of wealthy buyers through Sotheby’s network of 500 offices in 38 countries.

Turner said: “Property has become an international commodity and the UK is extremely attractive to overseas investors. They benefit from lower property prices than a couple of years ago, and get 25% more for their money because of changes in currency.”

Like other franchisees, Countrywide will also have an association with Sotheby’s Auction House, which adjoins the Mayfair property office. As auctioneers, Sotheby’s do not sell property, but do sell furniture, works of art and antiques – typically, the contents of important houses.

Turner said: “We looked at the high end of the market over the last two years, and it became apparent that some of the competition were going downmarket and focusing on increased volume.

“Although we do have an upmarket brand in John D. Wood, the reality is that it is predominantly about a West London business. We felt there was room for us to expand in the high-end sector, and are delighted to have acquired such an iconic brand.”

Countrywide will not be putting its own brand on Sotheby’s International Realty. In London, the Mayfair office sells properties from £1m to £32m, with an average price of £6m.

Charles Smith, who runs the office, will continue to head up the operation. “He was a key part of the deal,” said Turner.

Smith said the deal heralded an exciting new era for the brand.