North East Connected

£804m worth of property sold by MMoA in transformative year for auction

The iamproperty Group, ended 2021 with record breaking auction results, after a transformative year for the property market and the increased popularity of the Modern Method of Auction (MMoA).

iamsold, the Group’s auction service, and UK’s largest residential property auctioneer, released its 2021 auction figures following a strong December, which show it raised over £804M in capital value from properties sold by the Modern Method of Auction (MMoA) in 2021.

The auction specialist’s 12-month property sales represent an increase of almost 54 per cent on the previous year for auction transactions. The monumental year for auction has benefitted the Group’s Partner Agent network, with over £17M in fees paid to Partner Agents across the UK.

Throughout 2021 the business continued to grow their Partner network, as more agents seek to offer choice to their clients, and more consumers become aware of the benefits auction can offer.  Recent key wins include their partnership across all four brands of Arun Estates and a multi-service partnership with eXp UK.

Jamie Cooke, Managing Director of iamsold said: “Whilst we acknowledge that it was a year of unique market conditions with unprecedented demand and low stock levels, it was hugely pleasing to see so many of our Partner Agents turn to auction in these buoyant conditions. Consumers are being offered more options to match their circumstances and to help sellers maximise the value of their home through competitive bidding in a clear and transparent way. This goes a long way in cementing the fact that auction in the residential sector has a key role to play in all market conditions.

“We sold over 5000 properties last year with the average selling price increasing by 19% in 2021, when compared with 2020 averages, proving the real versatility of the types of properties that can be secured through auction. The speed at which we can progress sales through to completion has proven extremely attractive to buyers and sellers, especially whilst Private Treaty completion timescales remain higher than ever. Buyers and Sellers are also able to benefit from a 95% completion success rate, demonstrating how auction provides enhanced speed and security.”

Fast and reliable completions have always been high on the list of Buyer and Seller priorities, and auction is emerging as the solution in face of high fall-through rates across the UK. Data from  the last three months of 2021 shows that the return to normal market conditions meant 34% of property sales in England and Wales fell through before completion in the final quarter of last year.

Jamie added: “As we move into 2022, the challenge for Estate Agents will be to differentiate themselves from the competition. Stock is likely to remain low and winning instructions will be more difficult. Adopting tech and offering alternative methods of sale that give consumers more choice, can be that silver bullet for agents.

“We’re incredibly proud of our team and everything we have achieved this year, but none of that would be possible without the support of our Partner Agents and their trust in our proposition. We’ve shared this success with them and we’re gearing up to start 2022 on a high.”

The impressive figures follow a year of good news for the UK’s largest online residential auctioneer, which included an industry-first integration with Rightmove in April 2021, topping the Essential Information Group’s (EIG) annual auctioneer league table and an award win at the prestigious ESTAS for ‘Supplier of the Year – Auction’.

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