Allsop is launching the UK’s first online-only auction to sell new-build homes from Clearview Homes’ West Drayton Waterside development, Greater London.
The new method will auction phase 2 of the development’s properties, and bidding will open at 10am on Wednesday 10 June, with bids starting to close from 10.05pm on Thursday 11 June.
Following the rapid sell out of phase 1 over a single weekend, phase 2 of the development comprises 36 leasehold flats in a private gated community with allocated parking. The majority have private gardens or balconies and will be finished to a high specification.
Based on a user-friendly platform which will be an online community for the property sector, the model aims to be a transparent and economically viable way to invest in and sell new homes online.
As a transparent model, investors from across the world will be able to watch the entire selling process, including the exact incremental increases in bidding, which are usually withheld in the traditional buying process.
Sales are legally binding at the fall of the gavel and solicitor details, bidder identities and bidder security payments are gathered prior to auction at the registration stage.
Minimum bidding increments and the reserve price will be pre-set and regulated by the auctioneer with contracts signed on behalf of investors by Allsop representatives. All participants must complete registration in advance of bidding and should allow ample time for verification of their ID by their UK solicitors before the auction.
The launch follows a successful online-only auction for re-sale property in the Allsop Irish office earlier this year which received more than 200 registered bidders and secured over €6.8m in property sales.
Allsop partner Gary Murphy said: “This new service provides a superior route of sale for new properties and will coexist with our traditional ballroom auctions. We identified a niche specifically in the new-build market and felt strongly that there should be a simpler, more transparent, fair, convenient and certain way of investing in new homes after seeing a 100% increase in internet bidding year-on-year at our live sale rooms.”
Clearview Homes chief executive Stephen Murphy said: “It is the perfect platform for our product which we believe will appeal to investors not just locally but nationally and even internationally. We know for sure that we will make sales on the day and achieve the best possible price and have absolute trust in the Allsop team and expertise to execute the auction in a fair and efficient manner.”
