The group’s auction service, iamsold, released its 2021 auction figures following a strong December, which show it raised over £804m in capital value from properties sold by MMoA in 2021, representing an increase of almost 54% on the previous year for auction transactions.
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.”
