http://www.propertyweek.com/finance/private-investor-and-auctions/easyproperty-moves-in-on-live-online-auction-market/5077977.article

Online estate agent easyProperty has announced plans to launch auction sales of commercial and residential property in early 2016.

Online auctions

Source: Shutterstock / Mathias Rosenthal

The site, which is backed by easyJet founder Sir Stelios Haji-Ioannou, went live in September last year offering residential lettings and management. It added commercial lettings earlier this year followed by residential sales in August.

Now, chief executive Robert Ellice, who has aspirations of turning easyProperty into the “number-one property services company in the country”, is eyeing up the auctions market through a partnership with web platform Clicktopurchase.

“We will run a timed auction stating, ‘This property is up for sale’ and, as on eBay, you will be able to watch it, see what happens and when the time runs out you see where it goes,” said Ellice. “At the end of the auction, we will knock down the hammer and someone will have bought it.”

Ellice, who described the ability to exchange contracts online as a “game-changer” for the industry, hopes to unveil the new auction service in January or February next year.

Since soft-launching its online residential sales offer in August, the easyProperty website has listed just shy of 2,000 properties for sale. It recently secured its largest sales instruction to date, on 197 units at Inspired Homes’ Impact House residential development in Croydon, south London.

Launched in 2009 by Neil Singer of commercial property agency Singer Vielle, Clicktopurchase offers a legally binding method of exchanging private treaty sales online, as well as offering real-time auctions conducted online by an auctioneer.

So far, the platform has been used to transact more than £120m of private treaty sales on behalf of institutions, banks, receivers and property companies.

Did this answer your question?