An Irish business promises to revolutionise property auctions when it launches its first UK online auction next month.
BidX1, which took over veteran London firm Andrews & Robertson last month, takes a step away from the traditional auctioneering model by making its online technology available to everyone.
All bids will be logged and displayed on the website, along with an indicator showing whether or not the guide has been met.
Bidders from across the British Isles as well as from international markets are expected to take part.
The first UK auction includes properties from England, Scotland and Northern Ireland, and involves both commercial and residential assets.
BidX1, which changed its name from Allsop Ireland last August after the Irish part of the joint venture, Space Property Group, bought out UK auctioneer Allsop’s interest, will put a 67-lot catalogue under the virtual hammer on March 7.
Founder Stephen McCarthy said: “Vendors have been attracted by the prospect of a wider target pool of buyers than is possible through traditional auctions.
“Our secure site ensures the democratisation of the auction process, with buyers relishing the prospect of a more transparent process as well.”
BidX1′s online auctions will run alongside Andrews & Robertson’s continuing in-room auction business, the next of which is a 78-lot auction which takes place on February 22.