BidX1 puts 54% success rate down to client strategy

BidX1 blamed a difficult market and its clients' strategies of setting high reserve prices for a success rate of 54% at its July auction.

The digital platform sold 40 of the 75 lots offered at its online auction on 24 July, raising more than £9m.

BidX1, which started holding online auctions of UK property in October 2018, said that the sales rate was a result of the strategies of corporate clients who needed to prove a property could not sell before they were prepared to reduce their reserve prices.

“In this case, the headline results do