BidX1 enjoys £2.4m remote sales
Online auction company BidX1 raised £2.4m from its UK sale last week, achieving an 83% success rate.
The sale took place with all staff working remotely.
The highest value lot was a freehold end of terrace house located in Charlton, within the Royal Borough of Greenwich. Arranged as two self-contained flats with a rear garden and off-street parking, the property was listed by order of the Court of Protection and sold for £525,000.
Online auction company BidX1 raised £2.4m from its UK sale last week, achieving an 83% success rate.
The sale took place with all staff working remotely.
The highest value lot was a freehold end of terrace house located in Charlton, within the Royal Borough of Greenwich. Arranged as two self-contained flats with a rear garden and off-street parking, the property was listed by order of the Court of Protection and sold for £525,000.
Meanwhile, FTSE 100 utility company Severn Trent used the digital platform to good effect, with a 100% success rate for the seven sites offered. Plenty of pre-auction interest, including 362 requests for legal packs, meant that BidX1 had 68 approved bidders on the day. The combined sale price came in at £276,400, more than double the combined guide prices at £125,000, following 480 bids across the seven lots.
The UK sale contributed to a total of £7m raised over 10 days by BidX1.
Oliver Childs, head of commercial auctions at BidX1, said: “Our technology has never been more important, minimising disruption to our business and allowing us to deliver for clients in challenging circumstances; we’re very pleased to have achieved an 83% success rate at our April auction.
“These assets were priced prior to Covid-19 becoming the health issue that it has become globally, but especially in the UK. We’ve worked closely with our clients to enable them to navigate the current market, and to make important decisions in a constantly changing environment, while also providing more ways for interested parties to carry out due diligence including additional floorplans, video walk-throughs and drone videos of sites.
“The challenges that we are facing are unprecedented, but they also raise questions about the viability of traditional sale processes in an increasingly digital world. This period may prove to be the catalyst for permanent change in the property industry, leading to greater adoption of technology across the sales cycle, from marketing to contract exchange.”
BidX1 will be holding their next residential and commercial online auction on Wednesday 3rd June.
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