The popularity of property auctions is rising sharply as buyers and sellers seek faster and more secure transactions.
New data from iamproperty reveals average completion times for private treaty sales are now exceeding 200 days.
The UK’s largest residential property auctioneer reported a 9% increase in sales in Q2 compared with Q1 (3,130 versus 2,878), bucking wider market trends.
The firm also recorded its highest-ever quarterly Capital Value raised for vendors, reaching £540 million.
HIGHEST SALES
Jamie Cooke (main picture), Co-Founder of iamproperty, says: “As we close out Q2 we’ve seen our highest quarterly sales on record and our Partner Agents have sold over £1 billion worth of property so far this year.
“Following the SDLT deadline, the market certainly hasn’t bust as some predicted. Instead, it’s settling into a more balanced rhythm, with agents cautiously optimistic that momentum will continue to build as we move through summer and into autumn.
“Our agent network sees auction as an essential part of their toolkit, and we continue to see more instructions and are carrying out more auction appraisals than ever before.”
RECORD BREAKING
And he adds:” Early signs in Q3 have shown record-breaking daily run rates for new instructions, giving us confidence for the months ahead.”
The figures reinforce Cooke’s statement in March that “all roads don’t end at the SDLT deadline”.
With average sales timelines continuing to lengthen iamproperty expects more estate agents to turn to auction as a way to deliver speed and certainty for their clients.
