BidX1, the digital property marketplace, achieved an 83% success rate at its recent April online auction, bringing its success rate in 2020 to 87% with £27m raised.
BidX1’s model, which uses proprietary software that is developed and managed in-house, has mitigated against business disruption for the company; the online auction specialist has sold over £7m of property across its five markets over the past 10 days alone, against a backdrop of national lockdowns and with all staff working remotely.
At this week’s UK sale, the highest value lot was a freehold end of terrace house located in Charlton, within the Royal Borough of Greenwich. Arranged as two self-contained flats with a rear garden and off-street parking, the property was listed by order of the Court of Protection and sold for £525,000.
Meanwhile, FTSE 100 utility company Severn Trent used the digital platform to good effect, with a 100% success rate for the seven sites offered. Plenty of pre-auction interest, including 362 requests for legal packs, meant that BidX1 had 68 approved bidders on the day. The combined sale price came in at £276,400, more than double the combined guide prices at £125,000, following 480 bids across the seven lots.
BidX1 has long championed an innovative approach to property sales, one that incorporates the best of the traditional auction model with technology. In 2019 the firm's UK catalogues received a total of 1,145,075 views from 119 countries and BidX1 recorded a 335% increase in bids on the platform, along with a 78% increase in registered bidders.
Oliver Childs, Head of Commercial Auctions at BidX1, commented: “Our technology has never been more important, minimising disruption to our business and allowing us to deliver for clients in challenging circumstances; we’re very pleased to have achieved an 83% success rate at our April auction.
“These assets were priced prior to Covid-19 becoming the health issue that it has become globally, but especially in the UK. We’ve worked closely with our clients to enable them to navigate the current market, and to make important decisions in a constantly changing environment, while also providing more ways for interested parties to carry out due diligence including additional floorplans, video walk-throughs and drone videos of sites.
“The challenges that we are facing are unprecedented, but they also raise questions about the viability of traditional sale processes in an increasingly digital world. This period may prove to be the catalyst for permanent change in the property industry, leading to greater adoption of technology across the sale cycle, from marketing to contract exchange.”
BidX1 will hold its next residential and commercial online auction on Wednesday 3rd June.
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