iamsold, part of auctioneer iamproperty group, has sold over £400m worth of property for agents and their clients since January online via the Modern Method of Auction model.
This was driven by the number of total bids reaching over 27,000, nearly three times as many in the same period last year and in 2019.
During the first six months of the year, an average of 42% of properties sold over their Reserve Price with iamsold. Comparatively, the whole market ‘over asking price’ peaked at 33% during May, as reported by NAEA Propertymark.
Jamie Cooke, managing director of iamsold, said: “The competitive environment that auction provides has been instrumental in securing them the best price for their property in a very transparent way.
“This supports our agent network to feel confident when recommending auction to their clients, particularly in the current market. We’ve enjoyed huge success in the last six months, and we’ve been able to pass this on to our partner agents – paying out an average of £1.5m to agents each month.”
The online auctioneer and its agent network has seen an average of £68.5m worth of property sold in each month.
Cooke added: “Our positioning in the market has been perfect to deal with the rising demand for auction. During the pandemic, a more digital experience became a necessity and gave many the opportunity to experience auction.
“Now, many of our agents’ clients are proactively choosing the Modern Method of Auction – something which has been growing over time but has certainly accelerated in the last 12 months.
“The speed at which we can progress sales has proven extremely attractive to buyers and sellers, who are able to complete their sales within an average of 56 days, that coupled with our 95% success rate shows that auction has a strong place in a booming property market.
“Against the backdrop of the Stamp Duty Holiday coming to an end, efficiencies that meant getting house sales over the line were welcomed by agents and clients.”