"The auction market is flying. Sales are up and the volume of bids is up, with the highest level of activity to date – all despite the uncertainty seen in the market impacted by interest rates and the election"
- Jamie Cooke - iamproperty
During Q2, Capital Value raised at auction reached its highest ever level at over £471m, supported by strong sales of 2,714 properties, a rise of 15% compared to the same period last year. This led to iamproperty’s Partner Agents receiving over £10m in fees in a single quarter, a record 21% increase year-on-year.
The data comes from iamproperty’s latest quarterly Online Auction Index which is now live. Latest consumer data also included within the Index reports that consumer confidence in auctions has spiked, with 41% considering auction as a method of sale in favour of Private Treaty.
Jamie Cooke, Co-Founder of iamproperty, commented: “Seeing agents maximise opportunities to offer vendors auction as a fast, secure and more transparent method of sale has delivered more revenue into branches than we’ve ever known in a single quarter. The auction market is flying. Sales are up and the volume of bids is up, with the highest level of activity to date – all despite the uncertainty seen in the market impacted by interest rates and the election.
“Moving into the peak summer market and autumn, which is typically a really positive window for auction, I’m optimistic about what could be a strong second half of the year.”
Jamie’s predictions for the auction market in Q3:
Consistency in the market
“I expect we’ll see a more solid consistent market for the foreseeable, now that we have avoided the general election being held over the traditionally busy sales period of September and October. This should allow our Partner Agents to support their clients to move forward with confidence, with added reassurance that they are transacting within a more stable marketplace.”
Lowered interest rates
“With the new Labour government in place, I’m hoping to see a further reduction in interest rates as part of the new Cabinet’s first Autumn Statement. A drop in rates will support affordability for mortgage buyers and help get the market really moving.”
Consumers seeking choice
“Today, consumers expect more choice in all their buying decisions and property transactions are no different. There is no one-size-fits-all in any consumer context, and I predict that the Estate Agents who excel in Q3 will be the ones offering vendors choice in their method of sale, which we know Auction delivers on.”
