The number of properties being sold via Modern Method of Auction (MMoA) is on the rise as more sellers look to put their property under the gavel to maximise its value and buyers seek out a bargain, data from iamproperty shows.
Its residential auction house iamsold is seeing a more varied range of properties offered through its MMoA service including more £1m+ houses as estate agents look for speed and security for their clients.
This in part has resulted in the total capital value raised increasing by 64% (£108m) from June 2021 to June 2022, with a 20% increase in average sale price during the same period.
Jamie Cooke, (pictured) managing director at iamsold, says: “Auction isn’t just for investors looking for fixer-uppers to flip and more than 4,000 agents in our partner network are embracing that. Big sales figures are always exciting but the real shift comes in the variety of properties being listed from right across the UK.
“We continue to see partner agents across the UK coming on board as they feel more and more confident in passing on the benefits of online auction to their clients.
Estate agents are looking for a differentiator to offer their clients and help then win new instructions and MMoA can be that differentiator.
Dawn Towse, a director at Hull and East Riding-based Quick & Clarke Estate Agents, adds: “It is always essential when valuing all properties that we look at the most proactive way to market.
“The MMoA is a superb way to create nationwide coverage and also provides security to both the seller and the buyer once a sale has been agreed. From selling smaller properties to high end properties in East Yorkshire, we have had great success with the MMoA.”