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Online property auction encourages 'eBay-style bidding frenzy'

An online property auction taking place last week encouraged a 'frenetic' round of bidding of the like usually associated with an eBay auction.

The three-bedroom property - auctioned by Network-E, the online arm of Network Auctions - sold for £70,000 over its guide price of £350,000.

Network-E says that last minute bidding was 'fierce', including a jump of almost £40,000 in the last four minutes.

"The property is now under offer following competitive bidding and the vendor has an exclusive contract to exchange in 28 days with a non-refundable deposit," says Mark Limbear, Network Auctions Director.

You can see the lot details here.


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