UK first as property is sold in Artificial Intelligence auction

In October, the world of property auctioning witnessed a significant development, with the first property sale being concluded by an Artificial Intelligence auctioneer. The property in question was a house in Sweeney’s Terrace, Dublin, being sold by Allen & Jacobs. Offered at a guide of €250,000 (~£225,537), the property sold by way of a clicktopurchase® auction, monitored by gAbI at €345,000.

Now, the same unique auction platform has been used by London investment agency, Singer Vielle, to sell a commercial industrial property in Calne, Wiltshire.

With the guide price of £400,000, the property sold online at clicktopurchases’ Artificial Intelligence auction on 6 December at £475,000, nearly 20% above the guide.

Neil Singer, CEO clicktopurchase said: “Every agent is now able to offer such a sales conclusion, and every buyer can purchase from anywhere in the world easily and without the intimidation of the auction room.

“With bidders still able to participate in competitive bidding but in the knowledge that it is totally secure and transparent, I have no doubt that the live ballroom will soon be a thing of the past.”

The online platform is proven to bring for all parties in the sales process the attractions of speed, certainty, accountability and transparency.

Using advanced technology, clicktopurchase® enables legally binding offers to be submitted, where acceptance creates digital contract notes with legally binding encrypted and hashed signatures, whether by private treaty, tender of auction.