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Zoopla holds online property auction

Zoopla.co.uk held its first online property auction over the weekend, with bidding closing on February 14.

Some 57 properties were sold either in the run up to or during the live online bidding over the weekend, Zoopla.co.uk says it will now be conducting further online auctions weekly on its website from Feb 25 onwards.

There were over 75,000 visitors for the auction site and more than 1,000 potential buyers registered for the first auction.

Bidders in the first Zoopla.co.uk online auction included first-time buyers, bargain hunters and seasoned investors and the properties on offer ranged from studio flats for £30,000 to a farm in Lancashire for £750,000 with an average value of properties in the auction at £104,000.

Initially focussed on repossession properties, Zoopla.co.uk  plans to broaden out the auction offering via its network of member estate agents to include any property where there is a motivated seller.

Zoopla.co.uk  has partnered in its auction venture with REDC, the world’s largest property auction firm, which currently sells over £600m annually via its online auctions in the US.

Alex Chesterman, CEO of Zoopla.co.uk, says: “With over 50 properties being sold last week as a result of our online auction process, we are very encouraged by the potential of the online model and it clearly signals the appetite of both buyers and sellers to transact in this transparent way. We see this as one of the most exciting developments in the UK property market in some time, which benefits buyers, sellers and agents alike.”

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