UK Auction Site to “Revitalise” Market

Another For Sale By Owner (FSBO) website has been established in the UK, this time with an auction based business model.

auctionmove.co.uk is somewhat similar to eBay in that it allows sellers to set a reserve price on their listing and the highest bidder is obliged to pay a deposit on the property.

But unlike eBay, auctionmove.co.uk does not charge sellers any fees. Buyers pay the website a fee of three percent of the final sale price plus VAT if they win an auction.

To promote its listings, auctionmove.co.uk has recently partnered with leading UK portal rightmove.co.uk. The deal sees rightmove.co.uk display all auctionmove.co.uk’s properties, and information about the surrounding area of each property taken from rightmove.co.uk’s aboutmyplace.co.uk has also been incorporated into auctionmove.co.uk’s listings.

In a press release, actionmove.co.uk said it is planning to “revitalise the market with a fresh, new approach to buying and selling property by creating a new way to link motivated buyers and sellers that is more cost effective and less time consuming than a traditional auction house”.

Listings are live for 28 days and bids can be placed 24 hours a day, seven days a week.

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