Newport-based auction house Paul Fosh has expanded its offering with the launch of YourBid, a service designed to meet the rising demand for conditional on Modern Method of Sales online auctions – and capture a new audience of owner-occupier buyers.

The auctioneers, which already claim to be the leading player in Wales by sales volume and value, is now embracing what Managing Director, Paul Fosh, calls a “game-changing” opportunity for both the business and wider industry.

He commented: “YourBid opens up property auctions to a whole new swathe of buyers who, up until now, have been unable to take advantage of the very many benefits of buying a house at auction.”

Bridging the gap between auction and private treaty

Unlike traditional unconditional auctions, where contracts are exchanged the moment the gavel falls, YourBid offers buyers the time to make all the necessary arrangements, including arranging their mortgage or means to buy the property, before the sale completes – in up to 56 days from sale to completion.

This model – often referred to as the Modern Method of Auction – is the perfect blend of estate agency and auction service, says Paul.

“It’s a win/win,” he added. “We’re more selective of the properties we offer in YourBid which we believe will suit a particular market and thus we’ll be enticing and bringing more players into the process – people who might have been priced out or locked out of auction purchases. These are properties that are mortgageable and desirable to live in, not just for investors or developers.”

YourBid will run in tandem with Paul Fosh Auctions, focusing on residential homes that suit owner-occupiers, while the core business continues to handle traditional lots like land, commercial stock, and probate cases. The company says it has already seen strong appetite from estate agents keen to partner and benefit from competitive fees.

Faster results

Headed up by valuer Olivia Williams, YourBid includes full legal packs, clear timelines, and no hidden surprises. The format offers a transparent, tech-enabled solution for buyers looking for speed and certainty and a potential lifeline for sellers wary of traditional chains.

“We’ve kept a keen eye on what’s happening in the market over recent years, seen what’s worked and what’s not and believe that we now have ironed out any problems with the launch of YourBid”, said Paul. “The market has reacted extremely positively to the launch, in particular estate agents who totally ‘get’ the concept and are enthusiastic about its progress and development.”

The company expects YourBid to generate a significant volume of sales in the coming months as part of its next chapter of digital-first expansion.