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Offer accepted: New property-buying era as bidders do battle online

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In demand: Ten parties fought for the Maynooth site, which made 42pc over reserve, representing perhaps the fastest-ever sale from bidding to signed contracts

In demand: Ten parties fought for the Maynooth site, which made 42pc over reserve, representing perhaps the fastest-ever sale from bidding to signed contracts

In demand: Ten parties fought for the Maynooth site, which made 42pc over reserve, representing perhaps the fastest-ever sale from bidding to signed contracts

The property market has not perished from Covid yet, if the new type of lockdown-based bidding war witnessed online this week is anything to go by.

A small 0.3-acre site in Maynooth with permission for two four-bedroom houses became the first Irish site to sell via online paperless disposal when it went for 42pc above the reserve price in a hard-fought bidding war on Tuesday between 10 prospective buyers, all safely ensconced in lockdown.

The property was sold and contracts signed in roughly an hour, representing what was likely the fastest disposal of a site from bidding to signing of contracts ever in Ireland.