BidX1 sales double year-on-year
BidX1 has doubled its UK sales year-on-year, with £108m of property sold in 2020, up from £52m in 2019.
The online auction specialist’s success rates have also increased, from 76% in 2019 to 90% last year.
The firm recorded 6,980 bids on UK property in 2020, and the sale of more than 320 assets, with bidder numbers increasing by more than 200%.
BidX1 has doubled its UK sales year-on-year, with £108m of property sold in 2020, up from £52m in 2019.
The online auction specialist’s success rates have also increased, from 76% in 2019 to 90% last year.
The firm recorded 6,980 bids on UK property in 2020, and the sale of more than 320 assets, with bidder numbers increasing by more than 200%.
BidX1 also secured one of the year’s largest commercial auction sales among its 2020 results: Westway Retail Park in Cumbernauld, Scotland. The 11-unit retail park was sold to a UK-based buyer prior to auction in October, for a price which topped the £6.5m guide by more than 15%.
Meanwhile, BidX1’s partnership with Foxtons accounted for more than a quarter of the total raised in 2020. BidX1 first teamed up with the London agency early last year when Foxtons began listing properties on BidX1’s digital platform.
In September, the two firms announced a strategic partnership, and the collaboration has seen 65 joint sales to date at a sales value of £27.1m. Stock in Canary Wharf, Croydon and North West London made up the bulk of BidX1-Foxtons sales.
Oliver Childs, head of commercial auctions at BidX1 UK, said: “We’re very pleased to be announcing such positive results in the UK. While 2020 was a year of challenges, the crucial role of proptech in overcoming those challenges – but also in addressing longer-term inefficiencies and pain points in the property sale process – has never been clearer.”
