The increased popularity of online property auctions has favoured female buyers, who are more likely to purchase a property through that channel than the traditional route.
Online female buyers account for 40% of bidders, compared to 10% in the traditional ballroom, according to analysis from Bamboo Auctions and My Auction.
Bamboo Auctions, an online property auction marketplace, found that 40% of the visits to its website are female, while the buyer split has been 30% to 70% in the past 12 months.
Online platforms are making property auctions more accessible to a wider audience.
Melfyn Williams, senior auctioneer at All Wales Auction the auction department of leading estate agents Williams & Goodwin The Property People added:
We initially used the online property auction as an alternative to the traditional room auction up until the Covid pandemic – then our online auction offering became the normal way to continue in an unnormal time. Buyers and sellers alike have provided excellent feedback on the use of our online bidding facility, powered for us by Bamboo that typically is providing excitement towards the end of the countdown timer on each lot
Online Auctions have made the property auction market much more accessible than they used to be. This is thanks to a transparent and innovative platform allowing people to bid from the comfort of their own home, or indeed anywhere in the world. By being able to see the highest bid in real time, a buyer can watch the auction and decide whether they are prepared to go higher.
Vicky from the North Wales All Wales Auction team added:
Online auction means we can attract a much wider bidding pool for our sellers to ensure they achieve the best price possible for a sale. It also has the added benefit that due diligence has been completed prior to the auction, so there shouldn’t be any nasty surprises along the way that could delay the purchase.
Property auctions provide a quick, efficient, and transparent way to buy and sell property. For the seller, auctions offer a fast transaction turnaround, with contracts exchanged at the time of the gavel falling.
Caitlin, who is also part of the North Wales team added:
Our latest auction in December saw one of the lots receive around 4,000 views with 84 registered interested parties and 51 bids resulting in a sale price 48% over the guide. Whilst many of the interested parties where from near and afar – 60% of bidders where female with local buyers securing purchases.
Melfyn Williams concluded:
I’m delighted with the way the online property auction platform has proved popular for us and in particular with the huge success rate it has demonstrated. The team at All Wales Auction have adapted to the current market and I applaud Gwennan, Caitlin, Vicky and Peter together with the support team at Williams & Goodwin for their hard work again this year
All Wales Auction regularly hold land & property auctions throughout the year, more information on all the lots currently available can be seen at: www.tppuk.com/auctions.
