Foxtons and BidX1 announce strategic partnership

BidX1, a digital property investment platform, and estate agency Foxtons have unveiled a strategic partnership which will see BidX1 become Foxtons’ exclusive auction partner.

The two firms initially joined forces in February when Foxtons began listing selected properties in London and the South East on BidX1’s digital platform. Following the success of that early collaboration, with more than 40 joint sales and approximately €20m in total sales value, this announcement marks the beginning of a longer-term partnership.

BidX1 currently operates across five markets – the UK, Ireland, South Africa, Spain and Cyprus – and uses combines real estate expertise with proprietary technology.

Stephen McCarthy, founder and chief executive at BidX1, said: “We are delighted to be working with Foxtons, whose property expertise is combined with a strong track-record of innovation.

“The demand for a more modern, digital approach to property sales is growing exponentially, a trend which has been accelerated by the COVID-19 pandemic. We are the market-leaders in this space, having developed the most advanced property transaction platform in Europe.

“Our model has mitigated against risk for both vendors and investors because the full transactional process can take place digitally. The platform provides certainty in terms of deal execution, transparency throughout the entire process, and powerful real-time data to inform decision-making across the full sale cycle.

“Combine this with our platform’s global investor audience, who are actively seeking cross-border investment opportunities, and it’s clear that we are uniquely placed to complement the expertise and experience of market-leading firms like Foxtons.

“We are very pleased to have partnered with Foxtons, who have always been early adopters of technology, to offer properties in London and the Home Counties via our digital platform. We would welcome the opportunity to build relationships with market-leading real estate agencies in other parts of the UK.”

BidX1 already has a network of partnerships across its other markets, most notably with Pam Golding Properties (PGP) in South Africa. PGP has a network of 2,000 agents working in over 300 offices across the continent, completing approximately 10,000 transactions annually.

John Ennis, managing director – new homes and Central London at Foxtons, added: “Providing an exceptional level of service for all our customers is at the core of what we do at Foxtons. We’re passionate about helping buyers, sellers, tenants and landlords navigate the UK’s toughest property market, so we are keen to support anything that makes that process easier.

“We wanted to partner with a company who shared our value of using technology to serve customers better, and who would be able to offer our buyers and sellers a viable alternative to private treaty sales. We’re pleased to have seen many successful sales through our partnership with BidX1 to date, and we look forward to working with them going forward.”