The recent merger between Northern Ireland’s two leading property websites, PropertyPal and Propertynews, has sparked concerns among estate agents about potential price hikes that could impact both agents and home sellers.
The deal, which brings the two dominant platforms under common ownership, has left many in the industry worried about reduced competition and the implications for pricing.
Elaine Pooler, a Belfast-based estate agent, voiced her frustration, stating that agents across Northern Ireland were “blindsided” by the announcement. They now have a free rein to do whatever they like with their prices,” Pooler warned, highlighting fears that any increase in fees charged to estate agents would ultimately be passed on to homeowners looking to sell their properties.
Currently, Northern Ireland agents benefit from relatively low fees, paying about a fifth of what is charged by major UK property portals and roughly a third of what their counterparts pay in the Republic of Ireland. However, with the merger, there is growing anxiety that this competitive pricing could change, leaving agents and their clients to shoulder the burden.
The merger sees GCD Technologies, the owner of Propertynews, becoming a shareholder in PropertyPal Ltd., with PropertyPal’s CEO, Jordan Buchanan, leading the newly combined entity. Buchanan has attempted to reassure stakeholders, stating that the merger has been “positively received” in initial discussions with estate agents. He emphasized that both websites have always been “exceptionally competitively priced” and that there is a commitment to maintaining “fair and sustainable” prices moving forward.
Despite these assurances, the unease among estate agents remains palpable. Some are even considering lodging a formal complaint with the UK’s Competition and Markets Authority (CMA) to scrutinize the deal and its potential impact on the market.
Adding to the competitive landscape, a new player, HomesNI, is set to launch next month, offering a potential alternative to the merged platforms. Founded by Stephen Cousins, who also runs the web design firm BlueCubes, HomesNI aims to provide a fresh and innovative approach tailored to the needs of Northern Ireland’s estate agents. “We’ve been working with Estate Agents for over 17 years, delivering bespoke website design and online services,” Cousins said, indicating that HomesNI could offer the competition needed to keep pricing in check.
As the dust settles on the PropertyPal and Propertynews merger, the industry will be closely watching how this consolidation impacts the Northern Ireland property market. For more information on the merger and its potential implications, you can visit the PropertyPal website and Propertynews website.
We tried contacting both PropertyPal and Propertynews to get a comment.