Post-auction bids drive up success rate for BidX1

Digital auctioneer BidX1 has increased the success rate of its June property auction from 82% to 85% after receiving a flurry of post-auction bids. The property trading platform said that after its most recent online auction finished on 6 June it received new offers from potential buyers, which resulted in the additional sale of a plot of land in Saltcoats, North Ayrshire. BidX1 said the high levels of data available to an online platform helped it clinch sales in a slow market. “A key advantage of the BidX1 digital platform is the ability to capture data. This provides greater visibility on purchaser behaviour and enables greater certainty over the likely outcome of assets,” said Richard Watson, head of residential auctions at BidX1 in the UK. “We are therefore in a unique position of being able to offer advice to our vendors, backed by data insights, to generate better results. Being able to offer our clients this information is especially valuable in a market where buyer activity is limited.” The firm said a total of 1,300 bids was placed on the 33 lots offered for sale. On the day, 27 properties were sold, raising a total of £4.6m. BidX1’s June catalogue was viewed from 74 different countries including France, Hong Kong, Saudi Arabia, Singapore and the US. It received more than 45,000 views from the UK alone. The firm’s next auction will take place on 24 July.