Online auction houses claim bumper start to the year

New online auction house BidX1 says it has raised £2,087,000 from its second UK auction, posting a 70 per cent success rate. 

BidX1 founder Stephen McCarthy says: “Since our launch into the UK in March the platform has been rapidly gaining traction. The market is certainly responding to the more transparent and efficient model for auctions as we continue to challenge the status quo.

“The online platform is bringing high quality lots to a wider scope of buyers with successful results.  We are continuing to break down barriers within the auction market as our model gains popularity, particularly among the private equity and fund management vendors who appreciate its benefits.”

Meanwhile outsourced auction management provider, IAM Sold, says it saw a record breaking first quarter of the year with 854 lots sold, and £96m total capital raised. 

This compares with 632 lots and £69.8m capital value for the same period in 2017.

Of the total sales during the period, the majority of purchasers were buy to let, standing at 56 per cent, while 41 per cent bought for occupation and three per cent to renovate and re-sell. 

Keeping in line with ongoing trends, more than one third of the properties were sold over the reserve price. The highest was a property in Bradford with a reserve of £60,000 selling for £125,000 (a 108 per cent increase).

"Increasing numbers of agents are recognising the need to offer more sale options to their clients and provide services that match their circumstances and requirements. And due to the security element, the modern method is enabling some of our agency partners to reduce their withdrawal rates, which are currently on the rise in the private treaty market" claims Jamie Cooke, managing director of IAM Sold.

And on the commercial side, Essential Information Group’s online auction platform says it has enjoyed one of their busiest-ever days with some 22 lots offered by five different auction houses in Ireland and the UK. 

Allsop held its first ever online commercial auction and sold six out of seven lots offered. One lot went for more than double the guide price and the 25 bidders placed over 200 bids.