The need for speed to complete before the looming Stamp Duty (SDLT) deadline saw activity spike in the final part of 2024, contributing to a record year of auction sales for estate agents, up by 16% year-on-year.

New data from Iamproperty reveals auction sales from its network of over 6,500 branches accounted for 1.2% of all UK property transactions in 2024.

Between October and December, 2,832 sales (up by 20%) from iamproperty’s agent network raised a record £511 million in capital value, a 26% increase compared to Q4 2023 and surpassing the half a million mark for the first time in a single quarter.

The data comes from the company’s Q4 Online Auction Index which also shows a particular rise in auction activity in the North of England, with sales up by 28%. Sales in the South were not far behind, up by 27%, supported by active auction markets in London and Kent.

Strong opportunities

Jamie Cooke, Co-Founder of Iamproperty, said: “Over the past year, we’ve seen interest rates reduce and affordability improve, contributing to increased stock availability and a healthier market. This paired with the demand for faster completions to help buyers avoid paying more in Stamp Duty has opened up strong opportunities for our agent network.

Auction sales in Q4 alone saw our agents walk away with over £11 million in fees.”

“Auction sales in Q4 alone saw our agents walk away with over £11 million in fees, with the rise in sales seen across all four corners of the UK. I expect they’ll see a good first quarter too, with the Stamp Duty rush still live and more consumers in a position to enter the market.”

Looking ahead, Jamie shared his predictions for the auction market in Q1: “More buyers and sellers are realising that Private Treaty is no longer a viable option if they want to beat the costs involved with the lowered SDLT threshold. Our network will be using auction to its full potential, helping their clients to buy and sell before the deadline.

“Political uncertainty at the beginning of last year soon shifted, and we are entering the new year with a more optimistic market with higher consumer confidence. The new Labour government’s ambitions to reduce red tape in the planning process may also make way for a faster growth in new build stock this year.”