New record figures for Modern Method of Auction operator

The largest player in the Modern Method of Auction sector has reported a record average number of bids per property.

In July alone iamsold saw 4,895 bids placed, taking the total bids this year to 32,456 - that’s a 236 per cent increase on 2020’s figures in the same period. 

The company, which describes itself as the UK’s largest residential property auctioneer, says vendors have been capitalising on the increased awareness of auction and increased digital confidence.

As a result, properties obtained an average of 12.5 bids during the last month, a figure which has doubled since August 2020.

The company has also paid out almost £10m in agent fees since January, a 156 per cent increase on the same period last year - during part of which the housing market was closed during the early phase of the pandemic.

Managing director Jamie Cooke says: “It’s clear that there is a real consumer shift which is resulting in rising demand for properties for sale via auction. This was echoed in our recent survey where 80 per cent of agents agreed that more agents should offer auction to ensure that consumers are clear on all the methods of sale available to them.”

He adds that iamsold has sold nearly £500m worth of property via MMA since January, a 176 per cent increase on last year.