Online Auctions Wednesday, 27th January 2010

In partnership with auctioneers Real Estate Disposition corporation (REDC), Buyers will be able to bid online for properties via a live property auction site introduced by Zoopla.

Followed by regular four-day slots throughout the year, the initial auction of around 150 residential properties will run over four days from February 11th,.

Allowing them to market the properties on their books in an alternative way, while still offering them to market in the usual way, to begin with the site will feature repossessed properties, but it will also be rolled out to estate agents across the country,.

Many may be attracted to the site in a market characterised by lack of supply, where speed of transaction is of the essence, as unlike traditional property websites, Zoopla.co.uk won't charge estate agents for listing their properties and it will also offer them 0.25% of the sale price on top of their usual commission.

During which period prospective buyers can arrange viewings via the agent and carry out due-diligence, Properties may be added to the auction service up to 30 days prior to the auction commencing.

Before the property is entered into the online auction, Estate agents and property sellers will agree a reserve price and successful bids will be binding on the buyer, who must have their mortgage finance arranged in advance.

Private sellers will not be able to participate.Only properties represented by estate agents, lenders and developers will be permitted on the auction platform located at Zoopla.co.uk/auctions.

"We see live online bidding as the future of property auctions and our innovative offering as one of the most exciting developments for estate agents in the UK for years. "We are delighted to be partnering with REDC, the world's leading player in property auctions, and their expertise in online property auctions combined with the Zoopla.co.uk audience creates a unique and transformational opportunity for our agent members to maximise the price achieved, reduce the time on market and significantly increase their fee potential." Alex Chesterman, CEO of Zoopla.co.uk, said.