Stamp duty changes support record year for auction

The need for speed to complete before the looming Stamp Duty (SDLT) deadline saw auction activity spike in the final part of 2024, contributing to a record year of sales for Estate Agents up by 16% year-on-year.

New data from the UK’s largest residential property auctioneer, iamproperty, shows auction sales from its network of over 6,500 Estate Agency branches accounted for 1.2% of all UK property transactions in 2024*. This is up from 1% in 2023, as more vendors are choosing auction as a faster and more secure alternative to Private Treaty.

Agents enjoyed a strong end to the year, using auction as a tool to help sales complete before the SDLT threshold lowers from 1st April 2025. Between October and December, 2,832 sales (up by 20%**) from iamproperty’s agent network raised a record £511 million in Capital Value, a 26% increase compared to Q4 2023 and surpassing the half a million mark for the first time in a single quarter.

The data comes from iamproperty’s Q4 Online Auction Index which is now live. Regional analysis shows a particular rise in auction activity in the North of England, with sales up by 28%**. Sales in the South were not far behind, up by 27%**, supported by active auction markets in London and Kent.

Jamie Cooke, Co-Founder of iamproperty, said: “Over the past year, we’ve seen interest rates reduce and affordability improve, contributing to increased stock availability and a healthier market. This paired with the demand for faster completions to help buyers avoid paying more in Stamp Duty has opened up strong opportunities for our agent network, by being able to offer auction as a route to faster sales with a much smaller chance of fall throughs.  

“Auction sales in Q4 alone saw our agents walk away with over £11 million in fees, with the rise in sales seen across all four corners of the UK. I expect they’ll see a good first quarter too, with the Stamp Duty rush still live and more consumers in a position to enter the market.”

Jamie’s predictions for the auction market in Q1:  

“More buyers and sellers are realising that Private Treaty is no longer a viable option if they want to beat the costs involved with the lowered SDLT threshold. Our network will be using auction to its full potential, helping their clients to buy and sell before the deadline. Political uncertainty at the beginning of last year soon shifted, and we are entering the new year with a more optimistic market with higher consumer confidence. The new Labour government’s ambitions to reduce red tape in the planning process may also make way for a faster growth in new build stock this year.” 

iamproperty’s Q4 Online Auction Index is available to view here: https://www.flipsnack.com/E7E899FF8D6/iamproperty-online-auction-index-q4-2024/full-view.html

*Data from iamproperty’s Marketing Toolkit which reported there were 980,000 total transactions nationwide and 10,991 sales completed through its Auction solution. 

^56-day completion timelines. Based on standard properties. From receipt of draft contracts. 

**Q4 2024 vs Q4 2023.