Proptech firm iamproperty has posted record results for the 2024 financial year, underlining growing demand for digital solutions in the UK residential housing market.
The Newcastle-based group, best known for its online auction arm iamsold, delivered an 18.3% increase in revenue to £51 million (FY23: £43.1 million), with adjusted EBITDA up 22% to £15.1 million.
The strong performance came against a backdrop of rising transaction volumes, with around 1.1 million homes bought and sold across the UK during the year.
The company attributed its growth to the continued expansion of its technology ecosystem for estate agents and a sharp rise in auction activity.
CLIMBING AUCTION VOLUMES
iamsold, the group’s flagship online auction platform, reported revenue growth of 20.4% to £41.4 million (FY23: £34.4 million), with auction volumes climbing from 17,337 to 20,148 transactions. The platform now accounts for more than 1% of all UK property sales, reflecting the growing popularity of auction sales as a faster, more secure route to completion.
Meanwhile, iamproperty’s software division grew by 45% to £4.5 million (FY23: £3.1 million), driven by take-up of its broader digital proposition for estate agents.
The company has developed a suite of integrated tools – from lead generation and CRM to conveyancing and compliance – designed to streamline the property transaction process.
END-TO-END SOLUTIONS
Ben Ridgway (main picture), co-founder of iamproperty, says: “This was a record year for the Group, reflecting the rising appetite for modernised, end-to-end solutions in the property market. Our goal is to build a single, integrated digital platform that improves speed, transparency and security across every stage of the transaction.”
He adds: “Estate agents are under increasing pressure to deliver value in a fast-moving and competitive market.
“Our growing ecosystem—backed by our 700-strong team—gives agents the tools they need to win instructions, improve client experience and reduce transaction risk.”
REFORMING HOME BUYING AND SELLING
The company has benefited from growing political momentum to reform the UK home buying and selling process.
In recent months, the government has announced plans to modernise residential transactions, citing the need to improve transparency, reduce fall-through rates, and shorten timelines. iamproperty’s digital services already address many of these issues.
Backed by private equity firm Perwyn since 2023, the Group continues to scale its technology investment and partner base, which now spans over 6,500 estate agency branches.
Gurinder Sunner, Partner at Perwyn, says: “iamproperty is fast becoming a category leader, with a differentiated platform and a clear strategy to transform the UK property transaction model. These results reflect the strong execution by Ben, Jamie and their team, and we look forward to supporting the company as it continues its growth journey.”
