A growing number of estate agents are turning to auctions to offload properties on behalf of clients, and this has led to a rise in the volume of homes sold under the hammer, according to iamproperty.
The auctioneer has launched a new Online Auction Index aimed at offering an overview of the Modern Method of Auction (MMoA) market each quarter.
The first Online Auction Index analyses January to March 2023, which has been iamproperty’s most active quarter to date. During the quarter, 2,252 properties were sold which is up by 56% compared to the same period last year, with £387.9m worth of property sold, which is up by 48%.
The data also reveals that agents have earned a record £7.8m in fees, also up by 48% when compared to the same quarter in 2022. Regional sales are strongest in the South, which has also seen the biggest increase, 78% since Q1 2022.
Jamie Cooke, co-founder of iamproperty, said: “Rightmove’s House Price Index is a really useful data point giving a wider market analysis, but the industry was missing a dedicated source of information for online auction, which has evolved at speed over the last few years. Vendors want choice and are increasingly motivated to explore an alternative method of sale with the benefit of speed and security. The Modern Method of Auction market has never been more active – the demand is there and growing month on month.
“We hope our Index will be a great tool for our partner agents, helping them to stay informed with MMoA market activity and support them in winning new business, by showing the success that vendors can enjoy with auction. We have big ambitions for the Index to become the go-to quarterly guide for those operating in the space.”
