Estate agents achieve highest ever quarter of online property auction sales
Iamproperty’s Jamie Cooke says its Online Index shows each quarter of auction sales this year has outsold the last and sales are growing at pace.
Estate Agents sold a record number of properties via online auction between July and September, with data from iamproperty’s Online Auction Index for the third quarter (Q3) showing that there were 2,530 properties sold online via the Modern Method of Auction – an increase of 31% compared to the same time last year and up 7% against the last quarter.
The Index shows each quarter of online auction sales this year has outsold the last and while winning new Private Treaty instructions remains a challenge agents’ auction sales are growing at pace.
CAPITAL VALUE
Capital Value raised also reached a record figure of over £431 million in Q3, an increase of 5% on the previous quarter and an increase of 27% compared to the same period last year.
Meanwhile sales in August topped £155 million, the most Capital Value iamproperty has ever seen raised in a single month.
The Index also reveals that the South is still seeing the highest levels of growth in auction activity.
In Q3, sales in the South rose by 42%, closely followed by the North which saw a 37% increase – both compared to Q3 2022. The highest selling property during the quarter was in Chiswick and sold for £2.38m – £381,500 over its Reserve Price.
SIGNS OF SETTLING
Jamie Cooke (main picture), Co-Founder of Iamproperty, says: “Whilst we’re beginning to see some signs of settling in the wider market it’s still a challenging landscape for estate agents, with a lower than average number of discretionary sellers and mortgage rates remaining at the higher end.”
But he adds: “There are still people out there both wanting and needing to move and the agents who are able to offer auction as a method of sale to their vendors are feeling the benefit as people are prioritising speed, security and transparency more than ever before which auction was made to deliver on.”
The Neg revealed last week how the North East headquartered proptech group has signed a nine-figure deal with private equity investment house Perwyn which sees Lloyds Development Capital exit the business after four years.
