The Guild Auction, a new platform designed to enable property investors to acquire and offload property under a virtual hammer online, has secured its first sale.

The property, which is located in the North East of England, sold for £875,000 through Dobsons estate agents.

The Guild of Property Professionals’ white-labelled property auction service, which is powered by IAM Sold, an online auction platform responsible for selling over 10,000 homes, allows buyers and sellers to monitor and bid on homes 24 hours a day, seven days a week. This gives each property the maximum exposure, and allows buyers to view properties at any time.

Each property is listed for four weeks and potential buyers are invited to participate in a virtual auction to sell the house or flat.

The process for payment is completely safe, and payment for homes is guaranteed to be completed before the 21st of the month following a sale, so vendors can be certain of when the process will be completed.

“I am sure this will be the first of many homes sold through our online auctions service,” said The Guild of Property Professionals CEO Iain McKenzie. “Guild Auctions combines the excitement of a live auction event with the convenience of bidding from your own home.”