BidX1 and Foxtons team up for digital auctions

London estate agent Foxtons has signed a deal with BidX1 to use the digital property investment platform as its exclusive auction partner. The two firms initially joined forces in February, when Foxtons began listing selected properties in London and the South East on BidX1’s digital platform. This led to more than 40 joint sales and approximately €20m in total sales value. BidX1 currently operates across five markets – the UK, Ireland, South Africa, Spain and Cyprus. Foxtons has more than 50 offices across London and the Home Counties. Stephen McCarthy, founder and chief executive at BidX1, said: “The demand for a more modern, digital approach to property sales is growing exponentially, a trend which has been accelerated by the Covid-19 pandemic. “Our model has mitigated against risk for both vendors and investors because the full transactional process can take place digitally. The platform provides certainty in terms of deal execution, transparency throughout the entire process, and powerful real-time data to inform decision-making across the full sale cycle.” BidX1’s global investor audience further strengthened the offer, he added. The firm will look to form similar relationships with agencies in other parts of the UK. John Ennis, managing director – new homes and Central London at Foxtons, added: “We’re passionate about helping buyers, sellers, tenants and landlords navigate the UK’s toughest property market, so we are keen to support anything that makes that process easier. “We wanted to partner with a company which shared our value of using technology to serve customers better, and which would be able to offer our buyers and sellers a viable alternative to private treaty sales. We’re pleased to have seen many successful sales through our partnership with BidX1 to date, and we look forward to working with them going forward.” Properties currently listed for auction by the partnership include: Kensington Court, Kensington, W8 5DW Guide price £1,750,000 Three-bedroom, first floor flat on Kensington Square Garden, a short walk from Kensington High Street. Landmark West Tower, 22 March Wall, Isle of Dogs, E14 9AL Guide price £1,075,000 Three-bedroom flat with wonderful views in Canary Wharf. Falcon Road, Battersea, SW11 2PF Guide price £360,000 Two-bedroom flat in a convenient location for transport and amenities. Pan Peninsula Square, Isle of Dogs, London, E14 9HJ Guide price £520,000 Two-bedroom flat with wonderful views. Taylor House, 22C Sutherland Road, Walthamstow, E17 6SS Guide Price £370,000 Two-bedroom flat with large private balcony.