Cash for agents after record numbers of properties sold at auction

The Iamproperty service says it’s seen £450m of sales in the first three months of 2024 - a record quarterly figure.

Between January and March, iamproperty sold 2,588 properties via auction, an increase of 14% on the same period last year.Partner agents in the auction firm’s network bagged over £9.5m in fees, which was an increase of 23% vs Q1 2023.  

Founder Jamie Cooke says: “Continued rising demand, coupled with improved conditions due to mortgage rates settling, have allowed more vendors to re-enter the market, supporting a positive start to the year’s auction sales. 

“These shifts have put agents in a good position to hit the ground running as we head into what we’re all hoping is a traditional strong spring market. 

“I’m delighted to see momentum continue off the back of a record-breaking year, when our auction sales grew to make up 1% of all property transactions in the UK for the first time. 

“Auction is a model that already works and is serving a large proportion of the market, helping consumers to achieve a faster, more secure sale. There’s huge potential to see more auction success this year, with encouraging signs that the market is moving in the right direction to support further growth as we enter the peak selling period.”

Cooke says that in Q1 he’s seen a maintained rise in his firm’s agent network using auction as a listing tool to win new business and I’d expect this to continue. 

“The rising consumer demand shows that people want choice, and this is something that will only grow, and auction enables our Partner Agents to deliver on this.”