The iamproperty group’s auction service, iamsold, says it’s raised over £804m in capital value from properties sold by the Modern Method of Auction in the past year.
This is an increase of almost 54 per cent on 2020 and means over £17m in fees for partner estate agents.
Jamie Cooke, iamsold managing director, says:“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.”
He continues: “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.
“Buyers and sellers are also able to benefit from a 95 per cent completion success rate, demonstrating how auction provides enhanced speed and security.
“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.”