Online property auction success signals shift from ballrooms to living rooms
- Zoopla.co.uk announces weekly auctions following success of first online auction -
Zoopla.co.uk, the leading UK property website, held its first online property auction over the weekend, with bidding closing on Sunday, 14th February. Following the success of its first online auction, where 57 properties were sold either in the run up to or during the live online bidding over the weekend, Zoopla.co.uk has today announced that it will be conducting further online auctions weekly on its website from Feb 25th onwards.
In the first event of its kind in the UK, Zoopla.co.uk has clearly answered the question of whether people would actually purchase property online. With over 75,000 visitors to the auction site and more than 1,000 potential buyers registered for the first auction, it appears that the UK is set to follow the US trend where property auctions have transitioned rapidly over the past 2 years away from ballrooms to the internet, as potential buyers prefer to make bids from the comfort of their homes.
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.
The model appears to be a win for all concerned in the property market with buyers able to purchase in a transparent way with certainty of outcome, sellers having a new route to market reaching a wider audience to maximise the price achieved and agents still earning their fees for properties that they put into auction as part of their marketing process on behalf of sellers.
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. Online auctions will now be held weekly from Feb 25th at Zoopla.co.uk/auctions, starting every Thursday afternoon and closing on Sunday evenings. Properties listed for future events will be available online and with viewings conducted by potential bidders in advance, it appears to call into question the physical ballroom auction model other than for the 'theatrical' value.
Alex Chesterman, CEO of Zoopla.co.uk said, "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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Notes to editors
About REDC
Since its launch in 1990, REDC has helped tens of thousands of families and individuals purchase homes at affordable prices through its unique auction process, establishing the company as the global leader in real estate auction marketing. Since 2007, the company has sold more than £4 billion worth of property and in 2008 alone, auctioned 32,800 homes for more than £2 billion.
REDC's real estate auctions have gained tremendous appeal and popularity among buyers and sellers, even in today.s difficult economic housing environment. In fact, thanks to REDC, the auction industry now plays a major role in property sales. REDC is a fully licensed real estate auctioneer, which has its headquarters in Irvine, California and offices in Dallas, New York and London.
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About Zoopla
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
Zoopla is part of Zoopla Limited which was founded in 2007.
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