Zoopla plans to stage weekly online auctions

Zoopla.co.uk is gearing up to hold weekly property auctions after the success of its first online bidding event.

It sold 57 properties in the run-up to and during the property website’s initial bidding event that was held from February 12-14.

There were some 75,000 visitors to the auction website and more than 1,000 potential buyers regis-tered for the first auction.

Zoopla says it will conduct weekly online auctions on its website from February 25. They will start on Thursday afternoons and close on Sunday evenings.

Properties on offer in the previous auction ranged from studio flats for £30,000 to a farm in Lancashire for £750,000 with £104,000 being the average value of properties.

Alex Chesterman, chief exe-cutive officer of Zoopla.co.uk, says: “We see this as one of the most exciting developments in the UK property market in some time, which benefits buyers, sellers and estate agents.”