Allsop Space is due to launch a new online property auction that will allow buyers to bid over the internet.

Buyers will provide pre-authorised credit card details when biding - this will allow Allsop to take deposit payments immediately, allowing the buyer to instantaneously legally secure the property there and then.

Stephen McCarthy, Allsop Space director says that this is the first facility of this kind - it allows buyers to agree to terms and conditions beforehand, this allows the auction house to sign the sales contract on the buyer’s behalf.

Ernst and Young will oversee the sales, and independently verify sales, if required.

The company will be inviting interested parties to register their details for the auction over the next four weeks.

The 70 properties will only be available online, for 24 hours from 10am on March 18th. The houses have a total reserve value of €8m - one third of the properties are in Dublin.

Mr McCarthy explains the move: "Estate agents haven’t changed how they do business in 45 years, and I think it’s incumbent on people in our business to try new things .. . Not everyone wants to go into a public room to bid."