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Frantic last-minute bidding in online property auction

Frantic last-minute bidding in online property auction

An increasingly popular way to buy and sell property and land, Stags Online Timed auction is an alternative to our traditional property auctions. Retaining all the advantages of a conventional auction with competitive bidding, the online platform runs 24 hours a day, 7 days a week, providing buyers with flexibility and the benefit of time to organise the funds to purchase a property by auction.

Buyers can bid from anywhere, at any time of the day, and are able to bid within the comfort of their own home in a less pressurised environment.

Our first property got off to a fantastic start in July with Newdowns Farm, near Bodmin in Cornwall being offered attracting significant interest. A versatile smallholding with vast potential, the 3-bedroom bungalow was offered for sale with agricultural buildings and 42.5 acres, with an auction guide of £500,000 - £550,000.

The auction ran for just over four weeks, in that time the details were viewed over 2,000 times, with 16 potential buyers registering their interest. Over 57 bids were placed during the auction, the majority being placed in the last half an hour between two potential buyers culminating in a final sale price of £700,000, nearly £200,000 over the guide.

Andrew Luxton, Partner, Head of Property and Land Auctions said “As a firm we are well known for auctioning property throughout the region and have traditionally held a number of collective ‘in the room’ property auctions. Faced with the recent Covid-19 crisis and the restrictions in place these types of auction were, and still are, difficult to hold. This alternative online option is proving to be an adequate replacement, and in many ways appeals to a wider and varied audience. Whilst I’m sure we will resume more traditional auctions the online option will be here to stay and will increase in popularity.”   

With further land and property currently live and more lots going live in the coming weeks the online auction method is already proving popular. It provides sellers the opportunity to sell at a time to suit them, without having to wait for a collective auction date. Property can be marketed and launched quickly with an ideal end date of 4 to 6 weeks.

For more information about our Online Property and Land Auctions head to our website, or contact your local office.