BidX1, the online auction specialist, has doubled its UK sales year-on-year, with £108m-worth of property sold in 2020, up from £52m in 2019. BidX1’s success rates have also seen a jump, increasing from 76 per cent in 2019 to 90 per cent last year. The firm recorded 6,980 bids on UK property in 2020, resulting in the sale of more than 320 assets, with bidder numbers increasing by more than 200 per cent.
We’re looking forward to building relationships with estate agencies.
BidX1’s partnership with Foxtons accounted for more than a quarter of the total raised in 2020. In September, the two firms announced a strategic partnership, and the collaboration has seen 65 joint sales to date, at a sales value of £27.1m.
Among the highlights, a three bedroom lower-ground floor flat within an elegant building at Montagu Square in Marylebone – held leasehold but benefitting from a share of the freehold – was sold for £1.05m in August.
Oliver Childs, Head of Commercial Auctions at BidX1 UK, commented, “From a technology perspective, we have the benefit of maturity. As digital specialists, we are uniquely placed to complement the expertise and experience of market-leading firms like Foxtons. We’re looking forward to building relationships with real estate agencies in other parts of the UK in 2021.”