BidX1 auction deferred by a week and reserve prices dropped

The BidX1 residential property auctions scheduled for Thursday and Friday of last week were quietly rescheduled last-minute on Thursday.

At first all of the properties that were due to be auctioned on Thursday, February 22nd were pushed to a single auction of all lots on Friday, February 23rd. However, when Friday arrived, any would-be bidders who logged on to the website to access the auction were greeted with a one-line message on the homepage advising that the auction had been moved to March 1st.

No explanation for the postponement was offered by a representative for BidX1, however they advised that buyers who had fully registered to bid in advance, which includes paying a deposit, were told of the delay on Thursday. It appears that other parties who had registered their interest in properties by accessing their legal documents online, but had not yet fully registered to bid, were not contacted regarding the postponement.

Potential bargains

Earlier last week, the company had contacted interested parties advising that they had reduced the reserves of more than 40 of the 191 residential properties. In spite of the postponement, eager bidders are unlikely to be deterred from the prospect of picking up potential bargains under the hammer and will have a further opportunity next week on March 7th to bid on residential properties across the UK at BidX1’s inaugural UK auction, where properties on offer range from a three-bed terraced house in Belfast guiding £45,000 to a £1.6 million portfolio of 26 units in Middlesbrough.