Hamptons International has been sold to Dubai-based Emaar Properties for 82m.
Hamptons, whose brand name and management structure will be unaffected, had previously been owned by Singapore-listed Wheelock Properties.
Hamptons International residential development and investment chief executive Jonathan Seal says: Emaars acquisition of Hamptons gives us a tremendously strong platform to replicate our business success within the UK, Europe and other regions across the world.
In a separate development, Hamptons International Mortgages director Jonathan Cornell thinks lenders should take on exit fees from the previous lender to get closer to the FSAs TCF principles, following the recent controversy over such charges.
He says: In an increasingly competitive mortgage market lenders are already taking on the upfront costs of a new mortgage, such as valuations and conveyancing in order to attract clients. Surely the logical next step is for them to take on a borrowers exit fees from their previous lender.
Only through such forthright measures will real pressure be placed on the industry to readdress and eradicate the disproportionate nature of such fees.