UK residential property auctioneer, iamsold, has revealed that so far this year, online auction sales are up by almost 12% compared to the same period in 2019, as the Modern Method of Auction and online auctions as a category are experiencing substantial growth.
The auctioneer hosted a bumper virtual property auction last week selling 24 lots, which raised over £1.8M in capital value.
Prior to the auction on 26 November, an additional five lots were sold to buyers keen to snap them up and take them off the market, raising a further £300,000 in capital value.
There were over 250 attendees and a total of 488 bids were made. Competitive bidding saw 15 properties sell for more than their Reserve Price.
iamsold say that buyers and sellers are keen to take advantage of the many benefits that the Modern Method of Auction offers, including speed and security. People are relying on these, in particular, more than ever this year, driven by lifestyle changes due to Covid-19. The firm suggests that, in many cases, buyers and sellers stand a greater chance of making the Stamp Duty deadline via MMO.
Jamie Cooke, Managing Director at iamsold, said: “It’s always great to see high levels of activity like this in our auctions. There was a real appetite for the variety of properties the auction offered, getting successful results for our Partner Agents and their vendors, at a time when people are increasingly looking for a speedy process.
“The popularity of online and now virtual auctions has been steadily rising, fast-tracked by Covid-19 taking traditionally in-room auctions online. We’ve pioneered combining the benefits of the Modern Method of Auction with the online format for over 10 years and it’s never been such a valuable method, getting vendors moving quickly, securely and safely.”