As the UK property market continues to adapt to the 'new normal', online property auctions arguably have to be considered to be one of the success stories.
Following Network Auctions’ July 15th online sale, which achieved an 82% success rate and raised £2,295,200, Director Tony Limbrick said: "Online is proving its viability.
"Before Covid-19, online was starting to take hold, but now with buyers unable to travel to the auction room, we’re seeing a continued upsurge and also a preference for this method of auction.
"Buyers enjoy the convenience of being able to bid online. In our recent sale we saw 394 individual bids – an average of 18 bids per lot sold. This also works well when the properties are geographically spread, we offered lots in Dundee to Exeter."
Land lots proved particularly popular with an 18.82-acre freehold plot in Caversham, Reading comprising highways, paths, verges and numerous parcels of land selling for almost 200% more than it’s lower guide of £35,000 achieving £104,250. A freehold residential development site with outline planning for 4 x detached dwellings in Woore, Cheshire sold for £202,500 against a guide of £150,000.
Limbrick concluded: "The virus has ushered in changes which were already in the offing and are now bearing fruit. People continue to want to invest and we are providing the tools for them to be able to do that."