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Digital property auction pioneer BidX1 sets £15.4m record

Results from this year's first auction by the company shows potential of online-only auctions in market.

The Negotiator

Digital auctioneers BidX1 held their first auction of 2019, selling a record £15.4 million worth of property, achieving a 79 per cent success rate from 50 lots sold.

The highest price under the virtual hammer was for Lot 12, (pictured) a site in Surrey with planning permission for a part-new build, part-conversion to provide 8 units. The lot, which received 40 bids, sold for £1.4 million.

Of the 64 lots that made up the catalogue, 28 (44 per cent) were located in London, showcasing a continued appetite in the capital amongst both vendors and buyers.

Antony Schober, BidX1 Chief Operating Officer, says: “The continued ease of the digital auction model has meant bidders around the world are able to take part in the auction. We had one successful bidder purchase a lot on his mobile phone whilst he was skiing in the Alps. This shows how accessible and easy to use BidX1’s digital auction model is.

“Although we are operating in a tough market, the appeal of digital auctions is proving compelling to buyers and sellers seeking transparency, speed and efficiency whilst receiving professional property expertise throughout the sales process.”

Overall, the auction had 990 bids placed on the properties in the catalogue.

May 20, 2019

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