"There is no one-size-fits-all in any consumer context, and this data shows that there’s room, and appetite, for options that suit all types of circumstances."
- Jamie Cooke, Co-Founder of iamproperty
HY1 data suggests the property market is experiencing a notable shift as trends reveal a 39% surge in auction sales. The number of residential properties sold via Private Treaty has decreased by 10% since 2019.
This trend underscores the changing dynamics of the property market which Jamie Cooke, Co-Founder of iamproperty, says is a combination of frustration with lengthening completion times and society’s growing digital-first expectation in all aspects of life.
He believes the market is witnessing a “consistent shift towards auction sales as buyers & sellers are increasingly attracted to the speed and security that auction offers. Not only does it significantly reduce the risk of a sale falling through due to the 95% completion rate, but it appeals to those who’re frustrated with the drawn-out timelines found on the open market.”
Jamie highlighted that the Modern Method of Auction (MMoA) “aligns with consumer expectations as we seek more choice and a digital-first experience. Our independent survey showed that 41% of consumers are considering auction. As the market continues to evolve, and without significant improvement in completion timescales in Private Treaty, we expect auction sales to play even more of a significant role in the property sector.”
iamproperty’s latest ‘Online Auction Index’ reported increases across the board for property sold, viewing, bids, and sale prices. This all led to a 21% increase in fees paid to its partner agents in Q2 of 2024 compared to last year.
“As we settle in with a new Government, I’m hoping for more market stability, lowering interest rates and increased transactional volumes. It feels like the right time for agents to get ahead of a flurry of activity and offer different methods of sales, including Auction,” he concluded.
