There was another rise in the number of estate agents who sold properties via online auction last year, and 2024 offers further room for growth, according to iamproperty.
The online auction platform, used by more than 6,000 estate agency branches across the UK to list properties, sold 9,487 properties in 2023, up 35% year-on-year, which partner agents saw their auction revenue increase by 32% to £33m. Capital value raised for vendors also reached a record figure of £1.6bn.
iamproperty dsays its partner agents ended the year strong, selling 2,351 properties in Q4, which was an increase of 26% vs Q4 2022. Capital Value exceeded £400m, 27% higher than Q4 2022. This was supported by a sales peak in October, in line with the first significant reduction in mortgage rates.
October was iamproperty’s highest selling month on record, with 923 property sales driving £158m in capital value.
The index reveals that the north saw the highest levels of growth in auction activity between October and December. In Q4, the North saw a 35% increase in auction sales compared to the same period in 2022, closely followed by the South which saw a 27% increase. Standout areas which saw the highest levels of growth across the quarter were Wales (+176%), the North West (+126%) and the South East (+91%).
Jamie Cooke, co-Founder of iamproperty, said: “There’s no doubt that 2023 was a fairly turbulent year for the property market, with consecutive interest rate rises causing some peaks and troughs to transactional volumes. However, we saw auction hold strong throughout, and it’s been fantastic to see our Partner Agents’ auction success go from strength to strength, helping them to secure listings and strengthen their pipelines whilst Private Treaty activity slowed, and timescales increased.
“Reflecting on our Q4 Index which is out now, it was really encouraging to see that auction continued to be in high demand throughout the winter months, when the market can see transaction numbers dip. Whilst there’s still a lot of uncertainty in the market, there’s early signs that things are beginning to move in the right direction, and we’re already seeing that last year’s demand for auction is showing no sign of slowing down. We’ve seen a strong start to the new year, with stock levels the highest they have ever been.
“Contracts back is also very strong for this point in the month, which is indicative of further stock growth and strong inputs. It’s really encouraging to see this level of uplift in activity going into 2024, as the demand for auction continues following our highest selling year on record.”
According to Essential Information Group (EIG), property auctions experienced a significant 16.6% growth in the number of lots brought to sale last year, resulting in a 13.1% rise in properties successfully sold under the gavel.
Sellers turn to property auctions in increasing numbers
