Henry Wood House, 4-5 Langham Place, London, W1B 3DG 
Sells Residential and Commercial Property 
Operates Across England, Wales, Scotland & Ireland 
Based on 126 Reviews
12 Month's Data
12 Month's Data
12 Month's Data
12 Month's Data
Above Average
BidX1 is a property auctioneer established in 2011, typically running 12 live events per year. The auction house offers bidders the opportunity to bid online.
The auctioneer has sold 323 properties in the past 12 months, raising just over £92.1 million in sales.
BidX1 Auctions operates across England, Wales and Scotland. They are also in several international markets including Southern Ireland, Cyprus and South Africa.
The auctioneer principally operates in the residential, commercial and land auctions space and their stock is advertised on their website. Many of BidX1 auction properties come through referrals via its partnerships with Foxtons (one of London’s largest estate agencies).
BidX1 Auctions sells properties that range from £40,000 for a flat plot of land in Chatham to £2.5 million for an apartment in Central London.
The average price of BidX1 Auctions properties is £219,394. With the UK national average house price standing at £289,707, it would be fair to say that they generally cater to the low to mid-range section of the market.
Unlike most other auctioneers, it’s not possible to see a breakdown of sold auction prices on BidX1’s website.
Using data from the UK’s top 50 auctioneers, the national average sales price was £149,062 for residential property auction sales over the last 12 months.
BidX1 Auctions has sold 323 of the 404 – or 76% – of the residential property lots listed in the past 12 months.
This puts them in position number 17 out of the top 50 auction houses in the UK. They are also number 10 in terms of the amount of money raised in property sales at auction. In terms of the percentage of lots sold, they are positioned at number 21.
Having a higher percentage of lots sold is usually a sign that the auctioneer has the relevant expertise in pricing auction properties realistically. It also means that the auction house has well-run operational practices – including legal – to be able to progress sales efficiently within the required timeframes.
Property Auctions News tracks sales data and base market share on the number of properties sold relative to other UK auctioneers.
BidX1 Auctions currently has a 1.16% share of the market (of the UK’s top 50 auctioneers).
It’s also worth talking to smaller and often more “nimble” auctioneers who often benefit from offering a personalised service.
BidX1 Auctions is reviewed across the TrustPilot and Google Reviews platform. The auctioneer has an average review score of 3.8 (out of 5).
Trustpilot’s BidX1 Auctions Reviews currently shows a 3.3 rating, classifying them as “Average”. One of the 1-star reviews claims they have “no confidence in Bidx1”. On the other hand, a reviewer gave them 5 stars, stating they had a “great experience”.
Google My Business’ BidX1 Auctions Reviews currently shows a 4.4 rating, with clients disappointed in their experience with the auctioneer with one review stating “Avoid at all costs.” There are, however, multiple 4 and 5-star reviews by both sellers and buyers, with one stating they “would certainly use them again”.
Reviews of auctioneers must be viewed with caution as these are personal experiences and can be influenced by unrealistic expectations. It’s always verifying the accuracy of the review and researching the track record of the auctioneers.
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BidX1 Auctions charges the following to market and sell a residential property:
BidX1 Auctions will charge a fee of 1.5 – 3.5% + VAT of the auction sale price directly by the seller, usually upon successful completion. This depends on the size and the complexity of the property.
There will be an additional fee of £395 + VAT to add the property to the auction, charged to the seller. This charge typically covers marketing material (photographs, the floorplan, producing the EPC) alongside other administrative costs incurred by BidX1 Auctions. Note that this will be charged regardless of whether the property sells or not (although, in most cases, you will not need to pay the fee should you decide to relist if the sale is unsuccessful).
Buyers pay a deposit of 10% to BidX1 Auctions Client Account at the fall of the hammer (an effective exchange of contract). The funds will be immediately transferred to the seller solicitor’s client account until the point of completion. You will also need to pay a registration fee to bid on the properties and this price depends on the property.
BidX1 Auctions charges buyers an administration fee of £1,295 (inclusive of VAT) for all properties up to £49,999, and £2,400 (inclusive of VAT) for all properties £50,000 and above. This covers the necessary paperwork for the sale to be completed. This fee will be higher for more expensive properties (in London, for example) or complex transactions.
There are legal fees that both parties must pay, which are independent of the auction house.
It’s generally always recommended for a solicitor (conveyancer) to prepare an auction legal pack. This is because the buyer will effectively be committing to purchase the property at the fall of the hammer and would therefore need as much background information as possible.
The legal pack will typically contain: Title Register (Deeds), Title Plan, conveyancing searches (buyers may choose to take out specific indemnity insurance policies), latest Energy Performance Certificate (EPC), Terms + Conditions of sale, Special Conditions of Sale, completed Law Society Forms (TA6, TA10, TA7, LPE1, LPE2), Leasehold Management Pack, Tenancy Related Information.
As a seller, you may choose to pass these on to the buyer, which will be written into the Special Conditions of the auction contract. Bear in mind, depending on how “in demand” the auction property is, this may result in bidders offering lower to factor in the extra costs.
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BidX1 Auctions runs residential auctions every 4 weeks, but they may increase the frequency if there is surplus stock that needs to be sold.
As one of the well-established industry operators, BidX1 Auctions mainly operates traditional or unconditional auctions.
This means there is a marketing and viewing period before the auction, and when the online gavel falls, contracts are immediately exchanged. At this point, the buyer typically pays 10% of the auction property’s sales price alongside a buyer’s premium (although BidX1 calls it an administration fee).
The buyer then has 28 days to complete the sale or else face financial penalties (stipulated in the auction terms + conditions).
At the seller’s request, the period between the fall of the hammer (exchange of contracts) and completion can be extended – typically to 42 days (or 6 weeks).
In addition to traditional 28-day unconditional sales, BidX1 Auctions does offer modern method auctions.
Broadly described as a mix between estate agency (private treaty) sales and 28-day auctions, buyers still pay the non-refundable administrative fee at the fall of the hammer. However, the exchange of contracts only occurs after 28 days with a further 28 days to complete on the sale (i.e. 56 days in total once the bid is won). Sellers often choose this route as, with buyers having more time to organise finances, offers tend to be higher.
A member of the BidX1 Auctions team will carry out a desktop valuation of the property and will often speak with the referring estate agency partner. They may also use an independent valuer from the Royal Institute of Chartered Surveyors if the transaction is complex. The cost is usually incurred by the seller.
It’s worth noting that BidX1 Auctions comparatively low success rate would suggest that they over price property stock. It’s therefore worth doing your own research (which is easier than ever these days).
Depending on the level of interest for a given property, BidX1 Auctions will open up the bidding on a set day or time period. Most of their auctions are live-streamed and bidders can also participate online, live stream, by phone or proxy.
BidX1 Auctions market properties using a mix of strategies and processes to encourage strong bidding activity on the auction day or timeframe.
Regardless of whether you’re buying or selling at auction, remember to take the time to understand how everything works from start to finish to avoid any misunderstandings.
Upon signing up, the auctioneer works with the seller to organise high-quality photos, floorplan, an energy performance certificate (where necessary). BidX1 Auctions will then prepare the listing in line with the relevant guidance – this will include the terms + conditions (typically in line with RICS Common Auction Conditions) and detailed information regarding the property and the auctioneer’s full contact details.
In addition to BidX1 Auctions’ own website, the listing will be fed through to the major property portals including Rightmove, Zoopla and On the Market. Given the auctioneer’s experience, they can make use of a “black book” of investors (and their specific criteria) as well as use social media and email campaigns to reach potential buyers.
They use traditional and “offline” methods for the auction which may include auction sale boards, brochures and local marketing through their estate agency partners.
BidX1 Auctions doesn’t usually hold traditional viewings in most cases and offers a digital approach
Remember also that the premium will be added to your gross stamp duty calculation as it’s deemed as being the total cost of the property.
If the property fails to sell at auction, BidX1 Auctions will often agree to extend the contract or enter the lot at the next auction for no additional cost.
Sellers should always review feedback to find out why it didn’t sell on residential auction. It might be the case the reserve was too high or insufficient interest. It’s worth reviewing the price and type of auction.
BidX1 runs monthly property auctions and offers online auctions.
Lists of upcoming auction events from the auction house:
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