New index reveals record quarter for agency auction sales

Agents working with auctioneer iamproperty recorded record sales under the hammer during the first quarter of 2023, new research claims.

A new Online Auction Index launched by iamproperty aims to give an overview of the Modern Method of Auction (MMoA) market each quarter and set out predictions for the quarter ahead.

Its first report suggests the proptech firm has experienced its most active quarter to date. 

During the first three months of the year, 2,252 properties were sold which is up by 56% annually, with £387.9m worth of property sold, up by 48%. 

Agents have earned a record £7.8m in fees, also up by 48% when compared to the same quarter in 2022. Regional sales are strongest in the South, which has also seen the biggest increase, 78% since the same time last year.

Jamie Cooke, co-founder of iamproperty, said: “Rightmove’s House Price Index is a really useful data point giving a wider market analysis, but the industry was missing a dedicated source of information for online auction, which has evolved at speed over the last few years. 

“Vendors want choice and are increasingly motivated to explore an alternative method of sale with the benefit of speed and security. The Modern Method of Auction market has never been more active – the demand is there and growing month on month.

“We hope our Index will be a great tool for our partner agents, helping them to stay informed with MMoA market activity and support them in winning new business, by showing the success that vendors can enjoy with auction. We have big ambitions for the Index to become the go-to quarterly guide for those operating in the space.”

It comes as Medway Law, the residential conveyancing arm of iamproperty, has released its March results revealing record completions and conversions for iamsold auctions.

Through March, Medway Law delivered 435 completions on iamsold property sales, nearing a 50% pipeline conversion.

Kelly Stillman, head of operations at iamproperty, said: “This is a market leading result and one we are exceptionally proud of. Auction helps our partner agents to succeed and get their clients moving faster, especially in a market where timelines in private treaty are on average 150 days.

“Typically, conveyancers will deliver up to a 25% pipeline conversion, so to be nearing 50% is a testament to the team’s dedication to our partner agents.”