Auction sales are rising amid wider property sales di...

Auction sales are becoming more popular even as the wider market falls, figures suggest.

Proptech firm iamproperty analysed data between January and July since 2019 and found the number of residential properties sold through private treaty has decreased by 10%, while auction sales are up 39%.

Jamie Cooke, Co-founder at iamproperty, which has sold a third of residential auction properties since 2019 and 44% in 2024 so far via Modern Method of Auction (MMoA), said: "We are witnessing a consistent shift towards auction sales as buyers and sellers are increasingly attracted to the speed and security that auction offers.

"Not only does it significantly reduce the risk of a sale falling through due to the 95% completion rate, but it appeals to those who are frustrated with the drawn-out timelines found on the open market.”

Cooke claims the trend is being driven by consumers, adding: “MMoA aligns with consumer expectations as we seek more choice and a digital-first experience.

“Our own independent survey showed that 41 per cent of consumers are considering auction. As the market continues to evolve, and without significant improvement in completion timescales in Private Treaty, we expect auction sales to play even more of a significant role in the property sector. There is no one-size-fits-all in any consumer context, and this data shows that there’s room, and appetite, for options that suit all types of circumstances.

He said this creates a big opportunity for agents, adding: “In our last Online Auction Index, we reported increases across the board for property sold, viewings, bids and sale prices. This all led to a 21% annual increase in fees paid to our partner agents in the second quarter of this.

“As we settle in with a new Government, I’m hoping for more market stability, lowered interest rates and increased transactional volumes. It feels like the right time for agents to get ahead of a flurry of activity and offer different methods of sales, including auction.”