A growing number of millionaires are utilising Modern Method of Auction to sell their homes, according to iamproperty.
Its auction service iamsold has seen a rise in high-value properties coming to the market with auction, resulting in the total capital value raised more than doubling, increasing by 64% from June 2021 to June 2022 (£108m), with a 20% increase in average sale price during the same period.
One of the major upsides of Modern Method of Auction is typically the speed and certainty of sale, though in some cases the sales price may lower, while there can be a hefty entry fee to pay before listing a property.
Jamie Cooke, managing director at iamsold, said: “For more than 10 years, we’ve consistently spread the message that auction isn’t just for investors looking for fixer-uppers to flip.
“Agents, more than 4,000 in our partner network, are fully embracing that too. Whilst big sales figures are always exciting the real shift comes in the variety of properties from right across the UK, being listed and sold via auction.”
Alongside the high-rollers, the residential auction giant is seeing a more varied range of properties sold through its MMoA service, as estate agents and consumers look for speed and security.
Recent sales:
This five-bedroom detached house in Coventry sold for £1.28m:
This five-bedroom bungalow in Chigwell sold for £1.67m:
This ten-bedroom property in Hull sold for £1.15m:
