Agents mark record year for auction sales…

Estate agents sold a record-breaking number of properties via online auction in 2023, research suggests.

The latest Online Auction Index from iamproperty shows partner agents outperformed during each quarter.

The index suggests that auction sales accounted for 1% of all UK residential property transactions last year for the first time. 

The proptech firm sold 9,487 properties in 2023, up by 35% year-on-year, supporting its partner agents to grow their auction revenue by 32% to £33m. Capital value raised for vendors also reached a record figure of £1.6bn.

Its partner agents ended the year selling 2,351 properties in the fourth quarter through auction, which was an annual increase of 26%. 

Capital value exceeded £400m, 27% higher than the same period a year before.

This was supported by a sales peak in October, in line with the first significant reduction in mortgage rates. October was iamproperty’s highest selling month on record, with 923 property sales driving £158m in capital value. 

 

The Index reveals that North England saw the highest levels of growth in auction activity between October and December. In the fourth quarter, the region saw a 35% increase in auction sales compared with the same period in 2022, closely followed by the South which saw a 27% increase. Standout areas that saw the highest levels of growth across the quarter were Wales (+176%), the North West (+126%) and the South East (+91%).

 

Jamie Cooke, co-founder of iamproperty, said: “There’s no doubt that 2023 was a fairly turbulent year for the property market, with consecutive interest rate rises causing some peaks and troughs to transactional volumes. However, we saw auction hold strong throughout, and it’s been fantastic to see our partner agents’ auction success go from strength to strength, helping them to secure listings and strengthen their pipelines whilst Private Treaty activity slowed, and timescales increased.

 

“Reflecting on our Q4 Index, it was really encouraging to see that auction continued to be in high demand throughout the winter months, when the market can see transaction numbers dip. Whilst there’s still a lot of uncertainty in the market, there’s early signs that things are beginning to move in the right direction, and we’re already seeing that last year’s demand for auction is showing no sign of slowing down. We’ve seen a strong start to the new year, with stock levels the highest they have ever been.

“Contracts back is also very strong for this point in the month, which is indicative of further stock growth and strong inputs. It’s really encouraging to see this level of uplift in activity going into 2024, as the demand for auction continues following our highest selling year on record.”