BidX1 lines up more tailored auctions after Foxtons sale raises £3.6m
BidX1 is planning to hold three more online auctions tailored to individual client sales after the digital sales platform raised £3.56m this week through its tie-up with Foxtons.
BidX1 said it would be auctioning off seven flats and houses in London and the South East with a combined guide price of £2.3m on 3 March on behalf of a major housing association.
Then, on 5 March, the online auctioneer plans to offer a further five homes in Battersea with a total guide price of £1.9m on behalf of the London Borough of Wandsworth. And on 12 March BidX1 will hold a best-bids sale for West Middlesex Golf Club, which it is offering with a guide price of £1.05m.
BidX1 is planning to hold three more online auctions tailored to individual client sales after the digital sales platform raised £3.56m this week through its tie-up with Foxtons.
BidX1 said it would be auctioning off seven flats and houses in London and the South East with a combined guide price of £2.3m on 3 March on behalf of a major housing association.
Then, on 5 March, the online auctioneer plans to offer a further five homes in Battersea with a total guide price of £1.9m on behalf of the London Borough of Wandsworth. And on 12 March BidX1 will hold a best-bids sale for West Middlesex Golf Club, which it is offering with a guide price of £1.05m.
At its 25 February online auction, held in conjunction with upmarket estate agent Foxtons, BidX1 sold eight of the nine lots offered, resulting in a success rate of 89%.
And the online auctioneer raised £10.5m at its 18 February online auction, in which it sold 44 of the 52 properties offered, equating to a success rate of 85%.
Last year, BidX1 held just one UK online auction in February. However, that auction raised a total of £16.3m, with the company selling 54 of the 63 lots offered.
“As predicted, the market has responded to the ‘Boris Bounce’, and our February results prove there is renewed interest in available properties,” said Oliver Childs, head of commercial auctions at BidX1.
BidX1 said that in total its 18 February catalogue was viewed more than 111,000 times throughout the marketing period, by parties in 53 countries including Hong Kong, the US and Qatar.
Established in Ireland in 2011, BidX1 launched its UK online auctions business in 2018 as part of a global expansion.
After receiving as much as £15m from private equity house Pollen Street Capital, the company has expanded rapidly, launching operations in Spain, Cyprus and South Africa in 2019. BidX1 has said that Greece, Portugal and Italy are next on its target list.
