BrightSale Launches 'BrightSale Overseas' to Help Prevent "Fleecing" of Brits Selling Property Abroad

- Estate Agents in France, Spain and Portugal Routinely Charging Commission Fees of 7.5% or More (Plus VAT). Fees of 16% Have Been Uncovered.

- Number of Brits Owning Property Overseas has Risen Dramatically to Over 2 Million.

- 'BrightSale Overseas' Will Charge Just 0.5% for a Full Listing and Negotiation Service.

Today BrightSale - the fast growing online estate agency - announced a major push into the overseas property sale and lettings market. This was backed by a claim that many Brits are being "fleeced" by overseas agents charging exorbitant (and unjustifiable) commission fees. In its market research, BrightSale found that local estate agents in France, Spain and Portugal were routinely charging upwards of 7.5%, and sometimes as much as 16% (plus VAT) commission, even when both the buyer and the seller were British! Agents fees are often hidden in 'net' sales prices.

BrightSale Managing Director Mr Andy Etches said:

"Barclays Bank recently estimated that there are now over 2 million Brits owning property abroad. This number is set to grow rapidly, but we believe that many of these people are being fleeced by ridiculous estate agents' fees.

In the countries we surveyed - Spain, France and Portugal - we found that agents' fees started at 5% and were routinely 7.5% or above. We discovered isolated cases of fees as high as 16%! When you consider that you have legal fees on top, and sometimes capital gains tax to pay as well, many owners of foreign property are seeing a large chunk of their investments gains swallowed up in fees and taxes.

There is no justification for estate agent's fees at these levels in today's world - and that is why we have launched BrightSale Overseas.

The online revolution is reducing commission fees and improving service in the UK, and this now needs to be extended across Europe. The launch of BrightSale Overseas is a step in this process".

At the launch of BrightSale Overseas, BrightSale unveiled a new logo to promote the brand and a newly designed website for overseas property listings (http://www.brightsale.com/overseas). It also presented an initial 81 foreign property listings from a number of countries including: Spain, France, Turkey, Cyprus, the United States and Dubai.

BrightSale will use a network on consultants on the ground in popular overseas locations to assist in viewings and valuations. The company will also establish a network of trusted legal advisors in each location so buyers and sellers can secure the crucial (unbiased) legal advice that they require.

BrightSale will promote its overseas property listings via a combination of portal listings, an aggressive online marketing strategy and direct press liaison.

Note to Editors

BrightSale Overseas will handle enquiries from buyers and sellers of overseas property from its new call centre in Manchester, supported by a network of local agents and consultants on the ground. BrightSale's website is currently dealing with more than 350 unique visitors a day.

BrightSale's estimate of foreign property ownership is based on a survey for Barclays Bank conducted in October 2005. Barclays found that the most popular choice for overseas ownership was Spain (30%) followed by the US (15% ) and France (14%).

For more information, see: http://www.newsroom.barclays.co.uk/Content/Detail.asp?ReleaseID=490&NewsAreaID=2

(Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field. Remove the space if one exists.)

ENDS

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Press Contacts and further information.

Andy Etches
Founder / MD
BrightSale.co.uk
0800 231 6363
andy@brightsale.co.uk