As the Stamp Duty holiday deadline approaches, Iamsold is reporting record-breaking numbers of auction bids on properties as buyers race to agree sales in time.
More than 4,957 bids were placed last month alone, taking the year’s total up to the end of May to 22,000 – up 205 per cent on the same period last year and 146 per cent up on the same period in 2019.
Aside from an active market in the run-up to the deadline, the increases also indicate a growing appetite for auction properties and this method of sale.
The upward shift in competitive bidding is also driving up sale prices, with over 48 per cent of properties selling above their Reserve Price in May and 2,159 properties already sold this year raising £345m in capital value for sellers.
Jamie Cooke, Managing Director at Iamsold (pictured), said: “Much like the rest of the market, our average sale price is increasing in line with this demand, however, we’re not expecting the slump that some are predicting once the Stamp Duty holiday comes to an end. Our data shows us that buyers are actively seeking alternatives that not only could offer them a good investment, but a digital-buying process that is similar to those that they are familiar with in their everyday lives.
“We’re in the middle of a perfect storm as we have a greater range and number of properties now available for auction, appealing to more buyers to meet the demand that is not being met by the wider housing market.”
There’s been a growth in business from agents too, with over 3,000 branches currently using iamsold’s services.
Cooke added: “The expectations of consumers align perfectly with the benefits that the Modern Method of Auction is able to offer – speed, security, transparency, and an accessible bidding process that drives results. It’s a great time for Estate Agents to consider adding auction to their portfolio of services as a way to win new instructions and provide their clients with much needed choice.”