Property investors can continue looking for their next projects during the lockdown via virtual auctions, LendInvest has said.
The online property lender commented that while lockdown measures have halted the residential property market, the majority of the larger, established property auctioneers are resuming life virtually.
This takes the form of live streaming and bidding conducted remotely by telephone, online or via proxy.
And a large proportion of the residential properties on sale at the virtual auctions are vacant, making it easier for buyers and valuers to visit them.
The last round of auctions in late March and early April were the first to move wholly virtual and according to LendInvest, these were successful and hence there will be plenty more similar opportunities if lockdown measures persist.
“In the virtual auctions that have already happened, and looking ahead to the pipeline for the next round, there is a good number of lots coming to the market, and with a potential reduced number of bidders the current market could present more, or better, opportunities,” LendInvest said in a blog on its website.
Last month LendInvest chief executive Rod Lockhart announced that the lender remains open during the pandemic and intends to keep lending.
The platform said during March it had completed 150 buy-to-let loans and 70 bridging loans.