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Transformative year for auction, reports iamsold

Auction specialist, iamsold, raised over £804m from property transactions in 2021 as MMoA take up soared.

Charlotte Flake


The iamproperty Group’s auction service has released its 2021 auction figures following a strong December, which show it raised over £804m in capital value from properties sold by the Modern Method of Auction (MMoA) in 2021.

This represents an increase of almost 54 per cent on the previous year for iamsold and also resulted in more than £17m in fees being paid to Partner Agents across the UK.

As more agents sought to offer choice to their clients, and more consumers became aware of the benefits auction can offer, the company’s Partner network grew healthily throughout 2021, most recently with all four brands of Arun Estates jumping onboard and a multi-service partnership with eXp UK.

auctions jamieJamie Cooke (pictured), Managing Director of iamsold said: “Whilst we acknowledge that it was a year of unique market conditions with unprecedented demand and low stock levels, it was hugely pleasing to see so many of our Partner Agents turn to auction in these buoyant conditions.

“Consumers are being offered more options to match their circumstances and to help sellers maximise the value of their home through competitive bidding in a clear and transparent way. This goes a long way in cementing the fact that auction in the residential sector has a key role to play in all market conditions.”

Fast and reliable completions have always been high on the list of buyer and seller priorities, and auction is emerging as the solution in face of high fall-through rates across the UK. Data from Quick Move Now shows that the return to normal market conditions meant 34% of property sales in England and Wales fell through before completion in the final quarter of last year.

“The speed at which we can progress sales through to completion has proven extremely attractive to buyers and sellers, especially whilst Private Treaty completion timescales remain higher than ever,” added Jamie. “Buyers and Sellers are also able to benefit from a 95% completion success rate, demonstrating how auction provides enhanced speed and security.

neg auction award iamsold“As we move into 2022, the challenge for Estate Agents will be to differentiate themselves from the competition. Stock is likely to remain low and winning instructions will be more difficult. Adopting tech and offering alternative methods of sale that give consumers more choice, can be that silver bullet for agents.”

The impressive figures follow a year of good news for the UK’s largest online residential auctioneer, which included an industry-first integration with Rightmove in April 2021, topping the Essential Information Group’s (EIG) annual auctioneer league table and a Silver award for Residential Auction Service of the Year at The Neg Awards.

January 13, 2022

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