The first online auction from Zoopla and American repossessions giant Real Estate Disposition Corporation, raised £6m as 57 of its lots sold.
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The first online auction from Zoopla and American repossessions giant Real Estate Disposition Corporation, raised £6m as 57 of its lots sold.
The auction, which took place on 11-14 February at www.zoopla.co.uk, offered 150 repossessed homes.
Zoopla chief executive Alex Chesterman said: “With more than 50 properties being sold last week as a result of our online auction process, we are very encouraged by the potential of the online model.
“We see this as one of the most exciting developments in the UK property market in some time, which benefits buyers, sellers and agents alike.”
Zoopla and REDC, which teamed up in January, said that they now planned to hold online auctions weekly from 25 February.
The pair said that the first auction attracted 75,000 visitors, with more than 1,000 potential buyers registering for the event.
It is unknown how many of the lots on offer at the online event sold pre- and post-auction, as Zoopla does not split its sales results in this way.
However, David Sandeman, managing director of Essential Information Group, which tracked the online auction, claimed that the sold and provisional sale signs went up on only nine lots and that just 82 lots were offered.
The auctions will soon be opened to estate agents, which would earn around £500 commission from each sale.
estelle.maxwell@estatesgazette.com
