Foxtons picks BidX1 for auction collaboration

One of London’s leading estate agencies has selected the digital investment platform to form a strategic partnership which will see BidX1 become Foxtons’ exclusive auction partner.

The two firms initially joined forces in February when Foxtons began listing selected properties in London and the South East on BidX1. Following the success of that early collaboration, with more than 40 joint sales and approximately €20m in total sales value, the pair will now begin a longer-term partnership.

BidX1 currently operates across five markets – UK, Ireland, South Africa, Spain and Cyprus – and has long championed an innovative approach to property transactions, combining established real estate expertise with proprietary technology.

Foxtons has 50 offices across London and the Home Counties, and said it wants to embrace technology to allow customers to make optimal use of their reach and services.

Stephen McCarthy, founder and CEO of BidX1, commented: “The demand for a more modern, digital approach to property sales is growing exponentially, a trend which has been accelerated by the Covid-19 pandemic. We are the market-leaders in this space, having developed the most advanced property transaction platform in Europe.

“Our model has mitigated against risk for both vendors and investors because the full transactional process can take place digitally. The platform provides certainty in terms of deal execution, transparency throughout the entire process, and powerful real-time data to inform decision-making across the full sale cycle.”

BidX1 already has a strong network of partnerships across its other markets, most notably with property giant Pam Golding Properties in South Africa. PGP boasts a network of 2,000 agents working in over 300 offices across the continent, completing approximately 10,000 transactions annually.

John Ennis, managing director of new homes and Central London at Foxtons, added: “We wanted to partner with a company who shared our value of using technology to serve customers better, and who would be able to offer our buyers and sellers a viable alternative to private treaty sales. We’re pleased to have seen many successful sales through our partnership with BidX1 to date, and we look forward to working with them going forward.”