Foxtons and BidX1 team up for largest digital sale in Europe
BidX1 has unveiled plans to hold an online auction tie-up with upmarket London estate agent Foxtons as part of the online auctioneer’s attempts to ramp up sales in the UK and Europe.
Updates on the BidX1 and Foxtons websites showed that the firms will be holding an online auction on 25 February in which the pair will offer for sale 18 houses and flats located in London and the Home Counties, which are currently being marketed by Foxtons.
Guide prices for the Foxtons properties range between £80,000 for a studio flat in Harrow, HA2, and £650,000 for a five-bedroom house in Kingston-upon-Thames, KT1.
BidX1 has unveiled plans to hold an online auction tie-up with upmarket London estate agent Foxtons as part of the online auctioneer’s attempts to ramp up sales in the UK and Europe.
Updates on the BidX1 and Foxtons websites showed that the firms will be holding an online auction on 25 February in which the pair will offer for sale 18 houses and flats located in London and the Home Counties, which are currently being marketed by Foxtons.
Guide prices for the Foxtons properties range between £80,000 for a studio flat in Harrow, HA2, and £650,000 for a five-bedroom house in Kingston-upon-Thames, KT1.
The Foxtons auction will take place a week after BidX1’s main UK auction on 18 February which will include 56 lots from across the UK, with guide prices ranging from £10,000 for part of a portfolio of residential ground rents in Newport, Wales, to £1.2m for four flats in Forest Hill, SE23. BidX1 said that in total it would be offering lots worth more than €100m through five different property auctions held over eight days in the UK, Ireland, Spain and Cyprus in February in what it described as “the largest digital property sale in Europe”.
“Our platform is revolutionising property trading and we’re delighted to be collaborating with Foxtons, which has always been an early adopter of technology, to offer a selection of assets for sale on the BidX1 digital platform,” said BidX1 founder and chief executive officer Stephen McCarthy. “There are clear synergies in a collaboration which brings together Foxtons, London’s leading estate agent, and BidX1, market leaders in the digitisation of property transactions, and we’re very excited to be working with them.”
BidX1 said that the process for the Foxtons auction would be the same as for all its online auctions. 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 launched operations in Spain, Cyprus and South Africa in 2019. The company said Greece, Portugal and Italy are its next targets. However, in the nine UK sales held so far, sales receipts have varied, with the firm selling between £4.5m and £16m worth of property.
