An ‘eBay style’ online property auction launched by Loveitts has hit the ground running with its first lot selling for over double its original guide price.

Starting bids for the 0.11-acre piece of land was originally set at a guide price of £10,000, but eventually sold for £20,500.

The new online auction aims to provide greater flexibility to sellers and allow them to choose their own marketing period and auction timer. This is particularly useful if a seller misses a catalogue date or needs to sell within a certain timeframe.

Properties listed online are exclusively available by online auction and won’t be found in the auction room.

With the drastic rise of the internet over the past two decades, the face of estate agency has changed – where the possibility of purchasing either land, commercial or residential lots is at the touch of a buyer’s fingertips.

And, whilst this modern method of selling bears some distinctions to the traditional auction, online auctions are a traditional process right up until the actual bidding itself.

Bidders are able to source information such as property details, pictures and relevant documents and prospective buyers will still have the opportunity to attend open house viewing sessions prior to the auction.

Sally Smith, auctioneer and director of Loveitts, commented: “Online auctions provide all the benefits of buying and selling by auction, just with an eBay style of bidding. Rather than having to wait until our next regional in-room sale, properties are readily available online at any time, with exchange on the fall of a virtual hammer.”

She said the auctioneer’s primary aim is to ‘bring the best elements of a traditional auction to the public through a digital framework’, operating with complete transparency so all costs are consistent with traditional auctions and buyers know exactly what they’re bidding on.

“There are several advantages to online auctions that differ from the traditional auction. For instance, they provide greater access and convenience to bidders which is ideal for interested buyers as many of those who attend our bi-monthly in-room auctions come from all over the country,” she added.

According to Smith, as sales are usually delivered in four to eight weeks, properties are sold on average far quicker online than if sellers went down the traditional route of selling – which typically takes around six months to complete.

“As all bidders in the online auction have a vested interest and would suffer somewhat of financial loss if a sale did not proceed to completion all parties are focused and committed towards a successful sale.”

She concluded: “After a great start, we are thrilled to have trialled the first ever lot at our online Auction House Loveitts and we are now looking forward to the next lot going live.”