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Written by rosalind renshaw

Weekly auctions are to be held on Zoopla after the site held its first online auction sale last weekend.

A total of 57 properties were sold, either in the run-up to, or during, the live bidding which closed on Sunday evening.

Further online auctions will now be held on the Zoopla site from February 25 onwards.

A spokesman said that last weekend’s auction “has clearly answered the question of whether people would actually purchase property online”.

The Zoopla auction site received over 65,000 visitors, and more than 1,000 potential buyers registered. All the properties were repossessions, although Zoopla says that will not necessarily be the case in future.

Properties on offer ranged from £30,000 studio flats to a farm in Lancashire that went for £750,000. The average price achieved was £104,000.

Zoopla wants its estate agency firms to opt properties into their auctions as part of marketing, where there are motivated sellers. Agents who introduce properties that sell successfully will be paid commission by Zoopla.

The auction was held with American firm REDC, which will be partnering the future Zoopla events which will run from every Thursday afternoon through to Sunday evening.

Alex Chesterman, Zoopla’s chief executive, said: “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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    Lawrence: Do we take your reluctance to post further as an acceptance of our points?

    • 19 February 2010 13:13 PM
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    These are not auctions. They are on line equivalent of sealed bids. Auctions are where when the hammer falls, contracts exchange. Here, if the buyer doesnt complete, they just lose their £500 deposit. Its less binding than ebay.

    • 18 February 2010 09:36 AM
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    Zopla are getting that desperate that they are now offering us commission to entice us to rip off our own clients.I'm sure the unscrupulous lenders will I'm sure provide properties to them, but quite frankly if I have a property at the right price I don't need to auction it to get the right price.When we do auction properties,which is not often,we get offers made from people who have only seen the property on the internet and haven't actually viewed the property.Those offers are generally very low and only from people trying to get a bargain,they usually make an offer on 3 or 4 at the same time just to see if they can get lucky on one.Personally we rely on our reputation and would not want to be involved in this.
    I thought Zopla was part of propertyfinder? or have they rebranded,if they have why!at least I had heard of PF.

    • 17 February 2010 13:47 PM
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    Spot on PeeBee and Brian. Lawrence was so quick with his first reply, I look forward to seeing his response and opinion on the below message.

    • 17 February 2010 12:50 PM
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    Lawrence Hall: In your attempt to respond to Brian's post, you have poured further fuel on the already brightly burning fire. Zoopla offering the Agent a financial sweetener will not benefit the seller, will it? Especially, as Brian points out, those who have already suffered the indignance of losing the roof over their heads. Yes - the asset has to be sold in order to reduce total borrowings - but NOT at knock-down prices (CML should back me up on that, but appear to have turned blind eyes yet again to the situation...) and NOT with fees swapping hands left,right and centre that the BORROWERS get stung for in any case -not, as you suggest, Zoopla. People will simply see this as more pain inflicted by those (Agents) whose reputation is already lower than whale sh!t.

    • 17 February 2010 12:04 PM
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    Brian - whilst we launched with repossessed properties, the service will also shortly be available to estate agents across the UK, providing them a new, fast and effective additional route to market for any of their property listings. Zoopla.co.uk will not charge its member agents anything for listing properties in its auctions and in addition to receiving their standard commission from the seller when the property is sold through the online auctions, agents will benefit from a further 0.25% of the purchase price as a referral fee which will be paid by Zoopla.co.uk.

    • 17 February 2010 11:24 AM
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    All those poor peolple, now poorer and lost even more money as sold cheap at Auction. Lenders need to be more responsible. Parasites.

    • 17 February 2010 11:18 AM