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February 2019 Auction

BidX1 UK sets £15.4m record for first auction of the year

Digital auctioneers BidX1 welcomed their first auction of the year by selling a record £15.4 million worth of property and achieving a stand out 80% success rate from 50 lots sold.

The highest price achieved under the virtual hammer was for Lot 12, a site in Surrey with planning permission for a part-new build, part-conversion to provide 8 units.  The lot, which received 40 bids, had a starting price of £1.2 million and sold for £1.4 million.

A former Warburtons Bakery Site in West Yorkshire also attracted high levels of interest with 160 bids placed.  The property sold for £562,000, 33% in excess of the guide price.

Of the 64 lots that made up the catalogue, 28 (44%) were located in London, showcasing a continued appetite in the capital amongst both vendors and buyers.

Antony Schober, BidX1 Chief Operating Officer, commented: “The continued ease of the digital auction model has meant bidders around the world are able to take part in the auction. We had one successful bidder purchase a lot on his mobile phone whilst he was skiing in the Alps.  This shows how accessible and easy to use BidX1’s digital auction model is.

“Although we are operating in a tough market, the appeal of digital auctions is proving compelling to buyers and sellers seeking transparency, speed and efficiency whilst receiving professional property expertise throughout the sales process.”

Overall, the auction had 990 bids placed on the properties in the catalogue.

Other highlights of the sale, which had an average lot size of £308,000 included:

  • Lot 6 – 144 North End Road, West Kensington, W14 9PP.  Part of a popular shopping destination, the lot sold £49,000 over guide price at £189,000 with 48 bids placed
  • Lot 58 –31a Oberstein Road, Battersea, London, SW11 2AE had the first bid started at £500,000.  The property sold for £593,000 with 93 bids placed
  • Lot 61 – 99 Morton Way, Southgate, N14 7AN.  The first bid was made at £543,000 and sold for £734,000, with 75 bids placed. Buyers clearly valued the potential of extending the property or building an additional unit
  • Lot 82 - 9 Liverpool Road, St Albans, AL1 3UN was sold £80,000 over guide price for £480,000 with 28 bids.