Virtual property auctions continue to prove popular as they attract a growing number of people willing to buy property via a remote-bidding-only online.

Several property auction firms report that there has been a significant increase in buyers for its auctions in recent months, even since Covid-19 restrictions were lifted, with some online livestream auctions attracting more than 1,000 viewers.

No longer just a domain for investors, developers, and property dealers, the auction room is now the preferred option of acquiring and selling property for a wide range of people seeking a fast and secure method of sale.

Toby Limbrick, auctioneer at Network Auctions, said: “Covid-19 has changed the buying and selling of properties. We are starting to see increasing numbers of owner-occupiers use auction.

“We are confident this sales method has shown its versatility and sustainability in these difficult market conditions.”

Network Auctions’ latest auction, held on 1 October, saw the company sell 89% of the lots offered, raising £3.6m in the process.

Limbrick added: “2020 has turned into an incredible year for us. Our latest sale shows the continued strength of demand for property at our online auctions.

“So far in 2020 the success rate is 90% against £23m-plus raised, with an increase of 84% in the number of lots sold compared to last year.

“We know buying patterns have changed due to Covid-19 and online property auctions are well-suited to these new needs. We believe virtual auctions are here to stay.’

The fact that there is no chain, a fixed timescale, and a reservation fee at the fall of the gavel, the process brings greater confidence for some buyers and sellers, as it can lead to smoother transactions, without fear of the deal falling through at the eleventh hour.

Furthermore, with more buyers armed with funds in place, competition among bidders appears to be growing, driving up sale prices across various regions, with some lots selling for in excess of their guide prices, according to Auction House founding director Roger Lake.

He commented: “Firstly, it’s the simple fact that there has been a huge upsurge in buyers looking to purchase property this way. The competitive bidding nature of auction is enhanced still further by this larger cohort of buyers – which means that auction lots are achieving even higher prices.

“Secondly, we seem to be attracting more properties from higher price brackets to offer for sale. We have opened the door to a group of sellers who wouldn’t previously have considered auction rooms; we are listing those higher-ticket properties and are hammering them down successfully.”