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TODAY'S OTHER NEWS

Mega-sale is largest ever achieved by a hub-style estate agency

A hub-style agency says it’s achieved what it calls a mega-sale - and claims it’s the largest ever by a hub firm in the UK.

MyLondonHome has completed the £20m deal in London’s prestigious Grosvenor Square, with agents working from the firm’s Westminster hub.

Steven A Herd is a co-founder of the agency - which has been in business for 18 years - and says: “Prime Central London deals of this magnitude have tended to be the preserve of a select number of agents, this sale, however, proves that our industry is entering a new era, with MyLondonHome at the front of the curve. There has been so much said about the rise of the internet agent but many have overlooked the hub model, which is delivering great results for our clients and the team” 

Hub-style operations typically involve few or no shop-front premises, with agents instead operating from a central serviced office and covering a wide area.

The MyLondonHome deal comes as the agency is opening its first-ever High Street branch elsewhere in the capital, at Battersea’s Lavender Hill. 

The Westminster hub has already established a six per cent market share in other south-of-the-river locations - Vauxhall and Nine Elms - and is opening the High Street branch in a bid to become the market-leader in the areas. 

MyLondonHome describes itself as “anything but a traditional agent” and says it combines the best elements of traditional, hybrid and online operations, with “a marketing budget that competes with the big corporates.”

Herd says: “We launched a new model last year where we combined the lister and negotiator role, giving our team the ability to influence the transaction from listing to completion and it’s producing some great results across the price spectrum. Combined with our office model, we believe we are perfectly positioned to grow to be a leading agent across London.”

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