Under the hammer! Auction house basks in record summe...

Auction house iamsold has marked its best summer yet.

The auction service said it sold £196m worth of property under the hammer during the summer months.

It sold 24 per cent more properties than the previous summer and 54 per cent more than in 2019.

Jamie Cooke, managing director of iamsold, said: “The stamp duty holiday, alongside other shifting consumer behaviour, saw a whole-market boom, and auction was no different.

“The added pressure of completing before a certain time has meant that more people have been looking to reduce the time it takes to complete.”

He said the modern method of auction provides “speed and security,” which could be vital as the latest stamp duty holiday ends this month.

Cooke adds: “For buyers looking to make the most of the government’s temporary tax holiday, the modern method of auction has offered speed of completion, with our fixed 56-day timescales and much-needed security in this fast-moving market.

“Alongside this, we’ve seen a shift in behaviour that pre-dates the stamp duty holiday.

“We believe that; alongside speed, additional benefits such as a digital-first approach, built-in transparency with detailed auction packs as standard and a 95 per cent completion rate will continue to sustain the success we’ve seen.”