The boom in property auction sales has persuaded estate agency John D Wood to partners with Iamsold, one of the pioneers of the Modern Method Auction( MMoA).

James Waight (pictured), Head of Sales at John D Wood says consumer confidence in property auctions has never been higher, with a record number of properties sold at auction this year and Google data showing a 135% increase in consumers searching for auction properties since 2020.

The partnership with Iamsold, he adds, will not only strengthen its service offering but will also open new opportunities for both buyers and sellers who may not have previously considered auctions as an option.

Iamsold’s Modern Method of Auction differs from conventional auctions by providing buyers with more time to complete and so it often achieves higher prices.

56 day completions

After accepting a bid, buyers must pay a hefty non-refundable deposit but then have four weeks before they need to exchange and then another four weeks to complete their purchase.

Another advantage of the system is that it allows buyers to use traditional mortgages, making it far more accessible.

There is a 95% completion rate and purchases typically happen within 56 days, compared to 14 weeks for traditional sales.

John D Wood’s Waight commented: “We are delighted to announce our partnership with Iamsold, which will allow us to expand our offering to clients and provide a solution that is both modern and effective.

We believe this partnership will deliver new opportunities for our clients and agents alike.”

“The Modern Method of Auction offers great benefits for sellers looking for security and speed, while buyers can enjoy a transparent process with fixed timescales.

“We believe this partnership will deliver new opportunities for our clients and agents alike and help us continue to deliver exceptional results.”

Jamie Cooke, co-founder of Iamsold, added: “We’re proud to be partnering with John D Wood & Co., one of the UK’s most established and respected estate agencies, to bring this modern approach to even more buyers and sellers.”