The retailer, which was forced to close its property finder website, Tesco Property Market, in 2007, has long harboured ambitions to enter the space as a fully-registered estate agent.
Within days of the launch of TPM, thousands of estate agents demand that their housing stock be removed from the website, and it closed only four months after launch. In 2008, Tesco sold the business to estate agent Spicerhaart.
According to The Daily Telegraph, Tesco is understood to be working with Spicerhaart on the latest venture, which will allow properties to be advertised on Tesco's website.
Yesterday, the OFT called for changes to the law to end the apparent monopoly of traditional estate agents. It said that because of the monopoly, the housing market had failed to offer competitive prices.
A spokeswoman for Tesco Bank said the company hoped to be offering its customers mortgage products by the end of this year.
It is believed Tesco's property business would complement its existing banking operation and allow consumers to have a one-stop shop for purchasing a house.
Google is also understood to be planning a property website.
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