DATA released by iamproperty’s award-winning auction service iamsold has shown that the most lucrative city for auction sales in July, outside of London, was Nottingham.
Following another record-breaking month which saw the UK’s largest residential auctioneer raise more than £111m in Capital Value for vendors via the Modern Method of Auction (MMoA), it has broken down the towns and cities where Estate Agents are having the most auction success.
Jamie Cooke, Managing Director at iamsold said: “We’re consistently posting strong results for auction sales on behalf of our Partner Agents, these figures are growing each month and when digging deeper into the data, we’re finding that auction’s popularity has increased right across the country. More Estate Agents are recommending auction and offering more choice to consumers, which means a greater range of properties for buyers to choose from. This has led to a huge increase in interest and bids, helping agents to get competitive prices for their clients – another benefit alongside auction’s fast completion timeframes.”
iamproperty reports that bids per property have risen dramatically in the last three years, with the number of bids in the North rising by 172 per cent versus July 2019 and by 345 per cent in the South during the same period. The increase in bids has had a knock-on effect and overall sales totals have risen by 132 per cent and 574 per cent, respectively*.
Jamie added: “The South generally remains the most active area in terms of total sales and house prices do factor into this success. However, alongside this, we’ve partnered with more agents, who are selling more homes via auction than ever before. What our data shows is that auction is working across market conditions.
Jamie continued: “With MMoA, you can complete in just 56-days** and we’re expecting this will give agents even more reason to recommend auction to sellers who want to move quickly and before a potential slump in buyer interest due to the rise in interest rates.”
For more information on becoming a Partner Agent and offering the iamsold auction service to clients, visit here.
About iamproperty:
iamproperty was founded in 2009, with a clear vision to modernise the property market with innovative, tech-enabled solutions. It offers a range of modern solutions that empower agents to succeed and solve genuine problems for consumers. From its market leading auction service, iamsold, to the UK’s first end-to-end onboarding and sales progression platform, movebutler, and cloud-based property CRM software Openview, powered by VTUK, they work with over 4,000 Partner Agents across its network to drive speed, security, and compliance within the industry through its products and services. iamproperty has won multiple awards for its auction services, moving services and industry accolades for its contribution to the sector. iamproperty is headquartered in Newcastle and employs over 300 people nationwide.
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