On each Property page, you will see a chart underneath the latest valuation, this shows the range of current bid orders for that particular property. To place a bid, you click the “Bid” button.
It works like any other bidding system. You are able to set the price(s) at which you are willing to buy - and when a bid order matches a sell order at the same price, there’s a trade.
You can place as many bids as you like. Subject to Scale Down mechanics (see below) bids will be successful until your available balance runs out.
When bid ranges cross, the highest priced and earliest placed bid will trade first.
You are able to bid across as many properties as you wish. Example: If you had £1,000 in your account, you might place £50,000 worth of bids: i.e. across 50 Resale Properties X £1,000 on each. The first matched bids will be successful. Then, according to your available funds, the rest will either be cancelled or reduced - leaving only your most favourable bids in place. This process is known as Scale Down. Note Scale Down relates to bids and is distinct from the Scale Back that may occur if pre-orders are oversubscribed.
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