More estate agents looking at auctions favourably

Some three quarters (77%) of agents see auctions as a way forward when buying and selling property, iamsold research shows.

Some 32,000 bids have been placed on properties with iamsold so far in 2021, double the number in 2020 and 2019.

The firm uses Modern Methods of Auction, an online bidding process typically taking a month.

Two thirds of the agents agree that auctions are best suited to a buoyant market, as auctions can result in a speedier process.

Jamie Cooke, managing director of the company, said: “We’ve been living in a once in a generation event that is likely to have long-term repercussions on the behaviours and attitudes within the UK housing market from agent and client alike.

“Those agents who initially looked to auction for an online solution during lockdown, or for speed of sale to make the Stamp Duty Holiday deadline are now realising that auction isn’t just for those novel circumstances, but a real solution for the future.”

Cooke added: “We truly believe that the popularity of Modern Method of Auction is on an upwards trajectory. The narrative is shifting, and auction is becoming more widely recognised as an alternative method of sale for all types of property - not just for rare cases.

“This has accelerated as a result of recent events such as the move to online and peak in the market.

“We’re onboarding new agents every week and our industry-first partnerships with Rightmove and Zoopla has brough auction to the mainstream. Auction has demonstrated that it can work in all market conditions, with great results and we’re glad that more agents are open to be able to experience its benefits.”

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