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Private sales site tells vendors they can sell their home for a pound

A new private sales website is offering sellers the chance to market their property for 28 days for just £1.

After the initial introductory period, 'Cubbyhole' will charge vendors £60 a month to advertise on its site.

The new For Sale by Owner platform says it aims to be the third 'go-to site' for property buyers after Rightmove and Zoopla.

It is hoping to achieve this through an extensive advertising campaign, which has already started on the London Underground.

Cubbyhole has been launched by Peter Lampe, who has no previous experience of working in property.

In an interview with The Telegraph, like many before him, he described his offering as 'the Autotrader of houses' and 'the Google of buying and selling property'.

The private sales platform will provide vendors with a 'For Sale' sign but sellers will have to carry out viewings, take photographs and value the property themselves.

According to the report in The Telegraph, Cubbyhole will soon start listing homes from large housebuilders Taylor Wimpey and Bovis Homes.

As of yesterday afternoon (May 22), the site was listing a total of six properties for sale. Prospective buyers have to register their details in order to browse available properties.

“We’re not trying to change the industry,” said Lampe. “We don’t want to compete with Rightmove and Zoopla or estate agents, we just want to say there’s a new way of doing things.”

  • Terence Dicks

    Best of luck chaps.

  • Adrian Dunk

    Any person trying to stack it high and sell it cheap. Vendors will experience a terrible service and end up going back to a real estate agent. Selling a house isn't just about throwing it on Rightmove and getting an offer. The real hard work starts after this point.

  • icon

    Very true Adrian - although this is a private sales site and so the properties don't even get as far as Rightmove!

  • icon

    As Adrian says, the REAL work starts AFTER the offer has been accepted - and much of an agents job is to prevent Buyer and Seller falling out!

    Its all ''so easy'' to sell your own home - ''just like that''

    Yeah! carry on!

  • icon

    Oh some has to say it, so I will
    At least they are not making such a big and bold statement as Agents Mutual with OTM being No 2 within 12 months

    Algarve  Investor

    Yep, that really was a foolish move. As was the one other portal rule. They made a rod for their own back with that nonsense.

     
  • Kristjan Byfield

    The move by many of the market-leading 'online agents' to an increasingly hybrid model already shows that clients generally want more then the cheapest most cut-back of offerings. There will always be a place for an agent wanting to be the cheapest but with onine agents currently occupying 5% and the hybrids dominating this I think any agent thinking that the cheapest option will be come the market leader is kidding themselves. There is a marketplace, for sure- there will always be a place for cheapest offerings. However, to repeat the 'go to' claim to try and sit alongside RM & ZPG is insane. With almost no margin how will they support a large marketing campaign?

  • Kristjan Byfield

    Just googled 'Cubbyhole' and 'Cubbyhole Estate Agents' and the only things that come up is articles about the site- but no website itself!? I only managed to find the website by using a link in The Telegraph article. Incidentally has anyone read the article? I love the massively inaccurate statement in the opening paragraph that reads 'On a £500,000 house, home owners may pay a high street estate agent upwards of £10,000 to market it for sale.' No- a home owner may pay a High St agent anywhere from around £5k-15k to SELL the property. This is probably one of the most important diferentiators between offerings as Vendors need to understand the difference of a fee paid to market and a fee paid for selling- very, very different!

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