New online auctioneers are modernising the process of buying property at auctions. Like many industries, property auctions are being revolutionised by digital technology. The newly launched Lets Bid property auctions list properties for sale and to rent that are uploaded by estate agents and letting agents. Once an agent has been verified they can upload property details which can be accessed by bidders or tenants using a web browser or smart phone. Lets Bid claims their technology makes it easier to list properties and bid for them than other online auction platforms. Milton Rodosthenous of Lets Bid claims that:
“Our listings are controlled by the estate and letting agents to ensure the process from start to finish is transparent, accurate and professional. Our customers receive the very best in customer service and the experience for both tenants and buyers is our highest priority.”
According to figures published by the Essential Information Group, in February 2018 there were 199 property auctions offering 4,068 properties. Of these, 3,096 or 76.1% were sold for a total value of £565 million. Lets Bid and other online property auctions are expected to increase these totals. Online auctions will provide more choice for both individuals who want to purchase their home and investors buying property as a business. Like offline auctions, winning online bids must be secured with a 10% deposit and the balance paid within 20 to 28 days. Bridging finance is available to complete property purchases if long-term finance is not available before this deadline.
