Property auction attracts people from 55 countries around the world

A Newport-based auction business which has moved its sales online during the coronavirus pandemic saw people from 55 countries tune in for its most recent auction.

The online auction, the second Paul Fosh Auctions has had since lockdown saw 52 properties listed with 57 per cent sold for a total of £1.4m.

Paul Fosh, owner of the business, said: “We had 260 bidders registered for the auction with 691 bids placed including many from overseas. Indeed, we had visits during the online auction from people from 55 different countries which must be some kind of a record in itself.

“We were very pleased with the business generated and the sales total recorded. We’re super-proud to have achieved some fantastic results for our clients.”

One of the properties which proved to be a ‘red hot’ buy was a fire damaged terraced house too dangerous to view due to its condition which sold for more than four times its guide price.

The lot in Aberdare was listed with a guide price of just £8,000 but eventually sold for £35,250 after bids flooded in from 99 people.

Paul said: “The property was the first in the catalogue for our online sale and really set the scene for the rest of the auction. The auction really took off, to coin a phrase, like a house on fire.”

The firm has been forced to take all its business online due to the current Covid-19 pandemic.

The next Paul Fosh Auctions online ‘ballroom’ sale is on Thursday, June 11 starting at 5pm.