Analysis of IAM Sold’s 2018 auction sales data shows that approximately 80 per cent of properties sold either at or above reserve price, with the top five properties achieving an average of 377 per cent above reserve price.
The year’s most successful sale, a lock up garage in Cornwall, sold for 543 per cent above its £2,100 reserve price with bidding pushing it up to £13,500. Other notable sales included a Grade II listed Water Tower, an interesting residential project which sold for £45,000 – 350 per cent above its £10,000 reserve, and at the higher end of the scale, 162 Brown’s Lane, a three double bedroomed bungalow which sold for £552,000 – 22.7 per cent above its £450,000 reserve price.
This Grade 2 listed water tower sold at an £45,000, that’s 350% above its reserve price.
The data also highlights that 54 per cent of purchasers were buying for investment or buy to let, 40.8 per cent were owner/ occupiers, 3.6 per cent buying for family and 1.5 per cent buying to sell on. This supports the growing trend for owner/occupiers to buy at auction, largely thanks to the Modern Method of Auction (MMoA), where buyers have 28 days to exchange contracts and a further 28 days to complete. Coupled with this more accessible route to buying a property, the emergence of online auctions – where buyers can bid remotely, 24 hours a day – has provided a much larger buying audience. Almost half of the lots in 2018 sold via IAM Sold’s online facility.
Jamie Cooke, Managing Director of IAM Sold, said, “During uncertain times, auction can offer a great way for vendors to test the market, and the fact that such a high number of properties have sold either at or above their reserve price shows the success of this method.
According to the latest Essential Information Group (EIG) league table, IAM Sold is the top independent auctioneer for residential property lots sold in 2018. Jamie said, “We will continue to work with our partner agents, ensuring they are fully equipped to offer auction, so vendors can choose the sales method that best suits their circumstances.”