The property market is always looking to innovative methods to increase sales and improve people’s chances of buying a home.
Online real estate listings have been one of the biggest changes in the industry in the last two decades, allowing home buyers the opportunity to browse through the schedule for every type of property and shortlist the ones they’re interested in.
Now eBay-style online auction sites could be the next big thing to revolutionise how we buy and sell property.
Incredible increase in listings
Currently one UK firm hosting weekly online property auctions is Manchester-based Landwood Property Auctions, who report an incredible 800 percent rise in the number of completed transactions on their site in the first six months of this year.
In August alone, 18 properties were sold via the online portal for a total sales value of £1.483 million.
Buyers can register on the site so they can bid remotely on any property they fancy.
Kate Lay, Landwood director, told idealhome.co.uk: “Sellers need to see momentum and proof of success, and that’s why from the start of this year it’s really taken off.
“The average amount of time it takes to sell a property through traditional methods is 62 days. But through Landwood’s online auctions, it’s just 14 days.
“Sellers – and buyers – have all the expertise, experience and benefits of an estate agent, but the whole process is much quicker and more convenient.
“We have dealt with everything this year, from a city centre penthouse in Manchester to a farmhouse in Gwent, a holiday home in the Shetland Isles and a former care home in Cumbria.”
Bargains for home buyers
Meanwhile, more traditional property auctions are seeing a rash of properties being sold by buy-to-let investors moving out of the rental industry. That could mean there are bargains to be had for home buyers willing to make their move at auction.
Property Industry Eye reports that Auction House, which works with local agents, has had a record number of lots entered for sale in September.
Auction House also holds weekly national online sales as well as hosting a traditional public auction.