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Business & Economy

North East-based proptech firm sees record auction results

New data released by Gosforth based iamproperty shows a spike in auction activity with 2022 sales, instructions and viewings reaching record highs.

As Estate Agents navigated a challenging year for the property market, auction was key to agents’ success, by helping them to win instructions and secure sales as demand for auction reached record levels across the UK.

In 2022, iamproperty’s Partner Agents sold 7,014 properties via the Modern Method of Auction (MMoA), up 40 per cent from 2021. Partner Agents’ earnings from auction sales hit a record-breaking £25m, up 46 per cent from 2021.

This success was  made possible with over £1.25bn Capital Value worth of property sold via MMoA in 2022, a 54 per cent increase of 2021.

Jamie Cooke, co-founder of iamproperty, said: “2022 showed that the market is highly responsive to auction as a method of sale that offers real-world benefits. With 56-day fixed completion timescales*, MMoA’s speed and security have great appeal to both agents and vendors, protecting transactions from the climbing rate of fall throughs and long Private Treaty completion timeframes.

“The volume of auction sales is growing across the country, with increased uptake from agents and vendors being driven by an improved awareness of auction and confidence in the method of sale, as it continues to prove its value in any type of market. We have led the online auction market for over a decade and 2022 has set us up for the year ahead to be another exciting leap forward, as we introduce a new bidding journey which will enhance the experience even more for both agents and consumers.”

Consumers’ engagement with auction spiked in 2022, with over 60,000 bids placed on iamproperty’s auction properties. The highest sale price was £1,670,000, with the increase in million-pound homes bought at auction continuing. The number of properties sold to owner occupied buyers also spiked.

Jamie explained: “A trend I expect to continue is further growth in owner occupied buyers purchasing via auction, which accounted for an average of 42 per cent of sales each month in 2022. Auction is no longer only attractive for investors, with its fast and secure transactions helping people to move into their homes quicker.”

These stats are from iamproperty’s 2022 Auction Success Brochure which you can view here.