BidX1 UK has continued to build on a strong start to 2020 with two bespoke auctions held in the first week of March, which achieved sale success rates of 100% respectively.
These latest results mean the digital platform has raised £19.3 million through residential and commercial property sales in the UK this year. This figure is set to increase with two more auctions scheduled this month.
The 3rd March auction, held on behalf of a major housing association, saw 180 interested parties whittled down to 29 bidders vying for seven residential lots located across London and the Home Counties. With 263 bids placed throughout the course of the day, at an average rate of 0.81 bids per minute, the auction raised over £3.03 million.
The second auction, which took place on the 5th March, was held on behalf of the London Borough of Wandsworth. With 121 people showing initial interest, the day attracted 25 bidders across five lots, all located within the Latchmere Estate Conservation Area in Battersea, close to Clapham Junction. The digital auction caused a flurry of activity with 204 bids placed at an average rate of 0.69 bids per minute, raising over £2.13 million.
Data provided by BidX1’s platform showed £8.9 million in liquidity* on the day of the first auction and £6.9 million on the second. This result indicates that strong investor appetite for residential property is returning to the UK auction market.
Oliver Childs, Head of Commercial Auctions at BidX1, commented: “Based on the four sales that BidX1 has held this year and the 100% success rate achieved at our most recent auctions, private investor appetite for the real estate market appears to be gathering pace. There has also been an increase in the number of first-time buyers purchasing through the platform, confirming that the buying habits of private investors are changing, and we look forward to seeing this increasing over the coming months.
“BidX1’s online technology provides many benefits, from market liquidity reports highlighting in-demand asset classes and locations, to the ability to bid from any device, anywhere in the world. We take the market to our buyers, allowing them to transact from wherever they are, removing the need to attend a fixed physical location.”
Following on from their success in February, BidX1 will be holding a second auction in association with Foxtons on 3rd April and a residential and commercial auction scheduled for the following week on 7th April.
*The sum of the highest bids placed by each bidder on each lot.
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