BidX1 sees 100% success rate at client auctions

BidX1 sold all 12 of the lots offered at its individual client auctions on 3 March and 5 March, raising a total of £5.1m. The online auctioneer raised a total of £2.1m for Wandsworth Council on 5 March, selling five properties in Battersea, SW11, for between £410,000 and £460,000. It raised another £3m selling seven houses and flats in London and the South East on behalf of a major housing association. The highest-priced lot was a house in Hornsey, N8, converted into two one-bedroom flats, bidding for which started at £626,000. It eventually sold for £712,000. In February, BidX1 raised £3.56m, selling eight out of nine properties offered through an online auction that was held in conjunction with estate agent Foxtons. According to BidX1’s website, the forthcoming 7 April auction will also include 14 Foxtons properties. 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. The company has said that Greece, Portugal and Italy are next on its target list.