Stephen McCarthy Headshot

BidX1 enjoys continuity as salesrooms fall silent

The digital property marketplace has announced three new catalogues ahead of forthcoming online auctions in April, with a total reserve value of almost £30m.

The announcement comes amid increasing uncertainty for estate agents and traditional auction houses after strict stay at home measures were introduced.

Stephen McCarthy, founder and CEO of BidX1, said: “As market-leaders in the digitisation of property transactions, we are fortunate that our unique business model allows us to ensure continuity for our buyers and sellers, and for our teams, at such a challenging time.

“The BidX1 platform facilitates end-to-end online transactions – from listing to exchange of contracts. We take the marketplace to bidders, allowing them to transact from wherever they are, removing the need to attend a fixed physical location; buyers can bid from any device, anywhere in the world, in a safe and secure environment.

“As all of our software is proprietary, developed and managed in-house, we can be flexible and proactive in the face of challenging times. Most importantly, we have a full team of real estate professionals in each market, all of whom are experts in the digitisation of property transactions.

“In this sense, we will continue to do what we do best: secure and efficient digital property transactions, overseen by property experts.”

The 3 April auction, held in association with Foxtons, will showcase 31 residential properties located across London and Greater London. The launch of this latest catalogue marks the second offering from BidX1 and Foxtons following last month’s sale of eight out of nine properties, raising £3.6m.

BidX1’s second auction of the month on 7 April will comprise 51 residential and commercial properties located across the UK and Northern Ireland, while 13 holiday cottages in Cornwall and the Isle of Wight will be offered on 29 April.

BidX1 has sold over 8,000 properties across five national markets to date, raising more than £1.5bn. With buyers from 23 countries, BidX1 has long championed the flexibility, data, transparency and global reach provided by its platform.

Almost 25,000 bids were placed across the platform last year, from bidders in Ireland to the US, Australia, Norway, Singapore and New Zealand.

BidX1 data shows that over 40% of potential purchasers bid from their smartphone, many setting bids automatically overnight and from other time zones.

Potential purchasers can register for bidding on a property at any time before the auction opens. Unlike traditional auctions, whereby the auctioneer offers lots sequentially, bidding opens on all properties at the same time.

This means that buyers do not have to wait for their lot to come up; they can bid at any time, either manually or by setting a maximum bid. In the latter case, bids will automatically be placed on their behalf, and is a popular option for many investors.

The BidX1 platform is fully transparent, with all bids logged and displayed in real-time during the auction, and contracts are exchanged digitally as soon as a lot closes.

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