Online property auction success for Network E with bidding war of 88 bids
Publish Date: 19 August 2016
By Beth Fox
Further reading
Singapore bank suspends loans for London properties after Brexit
August 2016 EIG Newsletter - Latest property auction results now available
Following strong interest from two steadfast bidders the 88th bid achieved a sale price of 33% over guide.
This three bed property situated in a popular part of Redhill, Surrey with planning permission granted for a two storey extension, generated a very strong response when it was listed for auction. Power Bespoke Network Auctions listed the property and conducted multiple block viewings. 22 interested parties signed up to the website to watch the auction and 9 registered to bid.
From the 8 individuals making bids, in total there were 88 bids driving the price from a guide of £350,000+ to a sale price of £465,000. In the end it came down to a contest between 2 determined bidders.
We learned afterwards that the under bidder was bidding from his yacht in the English Channel, proving that whilst he was offshore he was not offline!
Network E utilises the online auction platform supplied by Essential Information Group. This new method of sale is a hybrid combining the best elements of private treaty and traditional auction. Properties are listed for 3 weeks culminating in a three day bidding window prior, this gives potential buyers time to view the property and undertake due diligence prior to bidding. A legal pack is available at least 7 days prior to the auction close and bidders must register to bid by accepting the online auction terms of business.
Essential Information Group - News and Information
Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.
Buying at auction
20/03/2025
Why the Property Auction Market is Booming Due to Stamp Duty Changes
The UK property auction market is experiencing a surge in activity in March 2025, driven primarily by impending changes to stamp duty regulations
Buying at auction
27/02/2025
Who Can Benefit from Buying a Property at a UK Property Auction?
Buying a property at a UK property auction can be advantageous for various buyers depending on their financial situation and goals. Auctions often offer unique opportunities, discounted properties, and a fast purchase process. Here’s who can benefit the most.
Buying at auction
24/02/2025
Bridging Loans Explained: A Guide for Property Auction Buyers
A bridging loan is a short-term financing solution, typically lasting up to 12 months. It provides immediate funds to bridge the gap between purchasing a property and securing long-term financing.