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easyProperty lands biggest ever property deal for an online estate agent

Helen Cahill
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A row of terraced houses are pictured in
easyProperty were acting on behalf of a private family trust (Source: Getty)

EasyProperty has landed the biggest ever property deal conducted by an online agent, acting for a private family trust.

The property portal sold a £35m property portfolio that comprised 208 properties across east London and Essex; 114 of the assets were residential, 94 were commercial.

Contracts between the parties were exchanged seven days after the off-market deal was agreed. EasyProperty said the transaction will complete early in 2017.

"This is a significant deal we have achieved since establishing two years ago. It also happens to be the largest transaction by an online agent both in terms of value and size," said Rob Ellice, EasyProperty's chief executive.

Read more: House prices rebounded this month, hitting first-time buyers

"This deal helps illustrate our capabilities and aptitude - proving that we are a genuine full agency service ready to rival the traditional property companies."

Nick Harston, EasyProperty's head of commercial and investment, said: "This acquisition is a strong indication of investment appetite in the market, especially in the wake of Brexit. The portfolio attracted strong interest from a number of parties due to its size and inherent opportunities."

After development, the portfolio's value could increase to £50m, EasyProperty said.

The property market has been showing signs of a bounce-back after the lull following the Brexit vote. Earlier this week, data from Rightmove showed that house prices are on the up again, with prices increasing by 0.7 per cent month-on-month in September.

First-time buyers have been disadvantaged by the property market's return to health; prices on homes with two bedrooms or less increased by 3.3 per cent.