February 25, 2010
Property Auction Success - Now Its Online!!
The first UK online property auction has been hailed a success, with 57 properties sold in the days running up to the auction and during the live online bidding process over the weekend.
The auction closed on Sunday 14th February.
Property website Zoopla.co.uk, which hosted the auction, has confirmed that it is to hold further weekly online property auctions on its website from February 25th.
Online property auctions have never been held before in the UK, and there had been speculation regarding whether Britons would be comfortable and confident enough with the internet as a medium for making such large ticket purchases.
Zoopla reported that over 75,000 people visited its auction site and more than 1,000 potential buyers registered for the first auction.
The numbers seem to indicate that the UK may go the way of the US, where online property auctions have really taken off in the last two years.
Bidders in the first Zoopla.co.uk online auction ranged from first-time buyers to experienced property investors, with the types of properties on offer including studio flats priced at £30,000 to a farm in Lancashire which went for £750,000.
The average value of a property bought at online auction was £104,000.
Zoopla.co.uk has initially focused on repossessions, but it intends to roll out the service to include any property on the books of the estate agents that sign up.
Zoopla.co.uk has launched its auction venture in association with REDC, the world’s largest property auction firm, which currently sells over £600m annually via its online auctions in the US.
Online auctions will now be held weekly from Feb 25th at Zoopla.co.uk/auctions, starting every Thursday afternoon and closing on Sunday evenings.
Alex Chesterman, chief executive of Zoopla.co.uk says:
“With over 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 and it clearly signals the appetite of both buyers and sellers to transact in this transparent way.
"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.”
