US auction house Real Estate Disposition Corporation (REDC) and Zoopla.co.uk sold 57 properties in their first joint venture online auction sale last weekend and said this showed a shift in the auction sector “from the ballrooms to the living rooms” as people were happy to buy property online.
Bidding closed on Sunday and over the course of the sale 57 houses were sold to online bidders.
Zoopla said the auction drew 75,000 visitors and more than 1,000 potential buyers registered for the sale.
The properties sold ranged from studio flats for £30,000 to a farm in Lancashire for £750,000, with an average property value at the auction of £104,000.
It will now be conducting further online auctions weekly on its website from 25 February running from Thursday to Sunday evenings.
REDC, which held a series of colourful sales across the UK last April, has shelved its venue-based sales and is expanding its operations online after the fall in the number of repossessions.
The first sales will be of repossessed properties, but now it is looking to open up the site to estate agents who will not be charged for listing properties in the auctions and will receive “standard” commission from the seller along with a referral fee.
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.”