Online auctioneer BidX1 raised £4.1m on the first day of its debut UK sale, selling 57% of its catalogue on Wednesday, 7 March.
The firm expects more lots to close over the next few days and will then re-offer lots that remain unsold in the second stage of the auction on Tuesday, 13 March.
This mirrors BidX1’s approach in Ireland, where it launched online auctions in 2015.
The firm, which bought UK ballroom auctioneer Andrews & Robertson in January, put together a catalogue of 67 predominantly residential lots for its first UK sale. Of those, two were withdrawn prior to the sale.
Of the 65 lots offered, 10 were sold prior and 27 were sold on the day.
Founder and managing director Stephen McCarthy said: “We’ve had a good start launching in the UK, with an overwhelmingly positive response.
“We look forward to growing our UK offer as the online auction model picks up momentum.”
Lots sold included a former pub, The Railway Tavern, in Langley Mill, Derbyshire, which attracted 47 bids from four bidders. It sold for £126,000 against a guide of £80,000.
Many of the lots were in Northern Ireland and Scotland, including a terrace of three fully let villas in Paisley, Scotland, which attracted 40 bids from two bidders. The investment, which produces £16,704 per annum, sold for £129,000 against a guide of £90,000.
McCarthy added: “Every sale we conduct will allow us to improve the platform, especially as we own and develop all of our own software. This allows us to instantly improve the experience.
“It’s difficult to compare the UK to Ireland as it is very new here.
“However, as people adapt to using the technology, the UK database grows and BidX1 becomes more established in this new geography, we would expect to see even higher completion rates.”
McCarthy has ambitious plans to grow the UK business and hopes to make further acquisitions here.
He is at an advanced stage in plans to launch the business in South Africa, which has a thriving auction market, and he also has plans to develop a European platform, with loan defaults in Southern Europe potentially offering a supply of stock.
He is also looking at teaming up with lenders to provide auction finance and plans to pilot conditional sales for new homes.
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