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          TM changes hands

 

 

TM Property Service is now owned equally by Rightmove and three leading estate agents: Countrywide, Connells and Halifax.

 

In corporate terms, the deal represents more of a restructuring than a sale, but does put Rightmove, the U.K’s largest property portal with nearly two thirds of all residential properties for sale advertised on it’s site, in pole position to dominate the HIPs market.

 

Rightmove has never made any secret of it’s ambition to become the UK’s most prolific HIPs provider, and effective control of the TM NLIS channel will doubtless have given those ambitions a boost.

Commenting on the new alignment, Ed Williams, Rightmove group MD, made it clear that access to TM’s technology, and the ability to provide a complete HIPs solution, was the real prize. “We are delighted to invest in TM” he said “and recognise the leading technology and service TM provides to the whole market”