Foxtons has hailed its deal with online auction house BidX1 a success and said the platform is increasingly its sales route of choice for ‘regular’ vendors looking for a quick sale.

The London agency says sales via BidX1 take 45 days and achieve 8% over the marketed auction sales price via the ‘modern method of auction’.

This kind of auction, which has been backed by both Rightmove and Zoopla via their partnerships with BidX1 competitor IAM Sold, enables buyers to bid for properties who, if they win, are given a set number of days to complete the deal rather than paying for the property on the spot.

MMoA platforms also often claim their bidders are given more information about properties on their auctions lists including details of local searches and leases.

What Foxtons and many other MMoA promoters like about these auctions is that the successful bidder pays a £6,000 fee to bid for the property, which is then split between the agent and auction platform, usually down the middle.

‘Motivated’

“For a property sale, 45 days is lightning fast. It’s ideal for those who are motivated – maybe by a pending house purchase or new job – but don’t want to sacrifice on price,” says Alex Isidro, who is the Foxtons divisional manager tasked with handling the BidX1 relationship.

“Our goal in making online auctions more accessible is to give our customers the tools to speed up their transactions.”

Foxtons signed up to BidX1 two years ago. The auction platform was established in Ireland but has UK headquarters in Mayfair, although the kind of auctions it holds have been criticised within the industry in the past.