The first online-only property auction held by a large provincial auction house resulted in a 100 per cent sale rate.
The residential properties under the hammer - conducted by Pugh & Co., which describes itself as the largest auctioneer outside of London - sold for an average 39 per cent above their guide price.
The auction used a customised technology based on the bidding platform Bidspotter, used to transact over £2 billion in sales annually.
“We took the decision last year to develop our online auction capability, alongside our established room-auctions, to offer additional flexibility for clients whose timelines don’t suit the room auction or who needed a bespoke solution” explains Paul Thompson, managing director at Pugh & Co.
“Our approach was to develop a customised product for online property auctions that clients could be confident in, while utilising the proven technology and experience from within our asset auction team ho have been selling goods online for over 15 years.”
Established 26 years ago, Pugh & Co was acquired by Leeds-based property consultant Eddisons in 2016.