Live online bidding maybe the future of property auctions in the UK

We found an interesting property question from Zoopla regarding online property auctions in the UK housing market.

The future of property auctions in the UK

The property article was found on the Zoopla blog today regarding bidding on property.
The question was asked, “Why property auctions are shifting online and away from the standard model?”
They provided the following answer in the article…
With weekly online property auctions in the UK property market and following the success there first two events in February, live online bidding is the future of property auctions in the UK.

So what are the overall positives for both buyers and sellers? Online auctions offer a number as has been proven with the eBay bidding site.

For buyers, it offers the ease and convenience of viewing properties online up to 30 days prior to the start of an event and bidding from one’s own home or office over a 4-day period.

For sellers, the online model provides significantly greater and faster exposure for their properties and opens up the process to a new and growing audience not constrained by space, geography, availability and who typically might not attend physical auctions.

With over 150,000 visitors to their auction site in February, it would appear that the UK is set to follow the trend in the US, major property auctioneers, make over half their sales online over the past two years with their online auction events now accounting for sales of over £50 million monthly.

Watch this space as the property auctions are growing rapidly in the UK.

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