News Int invests millions in property search engine

Globrix will automatically list and link properties from thousands of estate agents' websites that fit the customer's criteria, allowing it to offer them the widest possible choice of properties in the UK.

The site will differ from existing property sites, such as Propertyfinder.com, which is already part owned by News International, because it will not charge estate agents to list their properties.

It will instead generate revenues from the sale of advertising space around the results, in the same way as search engine Google does with Ad Words.

Users can also enter more specific search criteria to find a property other than price, postcode and number of bedrooms, including garden, parking, distance from transport or period of the property.

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."

Globrix has been founded by Lee and his colleague Ian Parry, who were both former executives at Fast and Autonomy.

Clive Milner, group managing director of News International, said: "Through its digital and print media, News International is one of the largest single players in the UK property media market, so this investment is about us remaining at the forefront of what's happening commercially and technologically.

"Globrix is set to be a truly disruptive business in the online property search marketplace -- it essentially turns the economics upside down and creates an unparalleled consumer offering from an innovative business model."

The publisher of The Times newspaper owns 50% of Propertyfinder.com with an Australian partner.