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News International has made a multimillion-pound investment in property search engine Globrix

News International has made a multimillion-pound investment in property search engine Globrix.

Globrix, which is due to launch next month, uses a new search functionality to search across multiple property sites to locate properties available in the UK.

It will automatically list and link properties from thousands of estate agents' websites and enable users to select a broad range of properties in the UK.

Globrix won't charge estate agents to list their properties on the site and will instead generate revenues from the sale of advertising space around the results.

The search engine aims to use News International's funding to take it into the top tier of property search sites within 12 months.

Daniel Lee, chief executive of Globrix, said: "Globrix is about answering a fundamental need in this marketplace - creating a Google-style model for the property search industry."

"By enabling agents to list for free we cover virtually every property in the UK, which in turn provides a hugely compelling proposition for consumers and creates a new opportunity for an ad-funded model."

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Published 25 October, 2007 by NMA Staff

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