Agents sell record number of homes under the hammer 

Estate agents sold a record number of properties via auction between April and June, data from iamproperty suggests.

The proptech firm’s latest Online Auction Index for the second quarter of 2023 shows its 6,000 partner agents sold 2,354 properties via the Modern Method of Auction (MMoA) during the period.
This was up 32% annually, raising more than £412m in capital value for vendors – a 24%, rise.

Sales also steadily increased from the first quarter of the year when there were 2,252.

Agency fees from auction sales also grew to £8.2m, up by 26% from £6.5m in the first quarter.

The south of England saw the biggest growth, with a 67% increase compared to the same period last year. The highest selling property during the quarter was in Essex and sold for £2.4m, according to the index.

Jamie Cooke, co-founder of iamproperty, said: “With the new challenges in the market, agents have had to work especially hard to win new listings, set strong prices for their vendors and avoid sales falling through. Auction really comes into its own in market conditions like these, helping to push through sales for both agents and vendors.

“Our Q2 Index shows another quarter of growth for auction, and it was our highest selling quarter.

“Even before the market was hit with increased mortgage rates, consumers have never been more open to auction as an alternative method of buying and selling, creating opportunities for agents across the UK. I hope the data and insights in our Index can support agents when presenting auction as a method of sale to their clients, to show how it could be a viable and successful option for them.”