Over 28,000 people visited websites connected with the first ever online-only auction for new build properties, according to the event’s organisers, Allsop.
Some 40 per cent of lots sold within a few hours - all with contracts fully exchanged - and seven remaining units were later released back into the market post-auction, two of which have since been sold.
Allsop says 15 per cent of website visits originated from outside the UK and since the auction close the company says it has received enquiries from several London-based developers with an interest in selling via this platform in future.
Clearview Homes, the developer of the West Drayton Waterside development featured in the online auction, says that “to achieve binding contracts for such a large quota of lots within 24 hours exceeded our initial expectations and has confirmed to us the merits of this new method of sale”
Allsop residential auction partner Gary Murphy says the results were more positive than he anticipated. “We’re providing both buyers and sellers with a convenient and transparent new method required. Traditionally new home sales invite reservations, rather than binding contracts. For the developer, unconditional sales are achieved on the fall of the virtual hammer. For the buyer, there is no risk of gazumping and there is assurance that a fair price has been agreed on a level playing field” he says.
Now the company says dates for the next online-only auctions for new build developments will be announced later in the year.