Paul Fosh Auctions, the leading auction house in Wales by volume and value, has launched a new hybrid platform aimed at expanding access to residential property sales beyond traditional cash buyers and investors.
The Newport-based firm, led by founder and managing director Paul Fosh, has unveiled YourBid, a parallel platform designed to appeal to owner-occupiers and mortgage-backed buyers who are typically sidelined by the speed and financial demands of traditional auctions.
Fosh, a seasoned property professional with a background in finance, described the move as a “game changer” for the sector.
Unlike the conventional auction model – where contracts are exchanged immediately at the fall of the gavel – YourBid allows buyers a 56-day window to complete their purchase, giving them time to secure a mortgage and undertake due diligence.
AUCTION FOR HOMEBUYERS
Fosh says: “The traditional auction model remains strong but YourBid brings a different kind of buyer into the market – someone who wants to buy a home, not flip a property.”
The model mirrors the structure of so-called “modern method” auctions but incorporates Paul Fosh Auctions’ full legal packs and end-to-end sale oversight. While traditional auctions generally attract investors and cash buyers interested in unmortgageable properties or those in need of significant renovation, YourBid is targeted at mortgageable homes suited for owner occupation.
The soft launch of YourBid began earlier this year, but with growing interest from estate agents and buyers alike, Fosh now expects the new arm to generate significant transaction volumes.
AGENT ATTRACTION
Fosh adds: “Agents have really embraced the concept,” noting the appeal of faster sale timelines and clear fee structures.
YourBid operates alongside Paul Fosh Auctions’ established business, but with a carefully curated selection of properties better suited to mainstream buyers.
While the platform retains the competitive bidding element of auctions, the highest bidder secures exclusive rights to purchase the property within the extended 56-day period. A reservation fee is paid at the end of the auction – separate from the purchase price – and is non-refundable if the buyer fails to complete.
EVOLVING BUYER BEHAVIOUR
This model offers a notable contrast to traditional auction terms, which require an immediate 10% deposit and legally binding exchange on the day, with completion typically within 28 days. In the event of default, traditional buyers risk legal action.
Fosh says the development of YourBid had been “in gestation” for two to three years, driven by evolving buyer behaviour and longer completion timelines in the private treaty market, where sales can often take up to six months and fall-through rates remain high.
He adds: “By creating a transparent, time-bound route to ownership for a wider pool of buyers, we’re removing key barriers while retaining the best elements of auctioneering.”
Main picture: Paul Fosh, (right) Managing Director and founder of Paul Fosh Auctions with Olivia Williams, auctioneer and property valuer with recently launched YourBid.
