A property put up for sale by an agent in an eBay-style auction sailed way over its guide price.

The property, in Watford, was placed on the market with Network Auctions partner Elliott Residential with a guide price of £830,000.

By the time the online Network E auction finished, a price of £1,035,000 had been achieved.

Simon Meager, sales director at Elliott Residential, said: “We were instructed by executors and recommended using Network E as the method of sale as we felt it combined the best aspects of a private treaty sale with the transparency, certainty and speed of an auction.

“We held three open house viewing sessions and showed 60 interested parties around. This interest also generated a number of valuations and a further property instruction that is likely to follow the Network E route.”

Bidding was fierce with a total of 64 bids culminating in the excellent price of over £1m being achieved.

A non-refundable deposit was immediately paid and exchange set for 28 days.

Network E is the new service provided Network Auctions through its growing network of partner agents.

In the last month, five new offices have joined Network Auctions: Redstones in Walsall, Wolverhampton and Telford, Hinton and Downes in Harrow Weald and Eric Clarke estate agents in Farnworth, Bolton.

Toby Limbrick, managing director of Network Auctions, said: “Network E is a fabulous addition to our business and our partner agents are using it to secure new business and successfully sell property that would otherwise be at the mercy of the private treaty marketplace.”