Auction sales taking bigger proportion of property sales

Auction sales are rising in popularity since 2019, with traditional property sales falling over that time, analysis from iamproperty has revealed.

Since 2019 auctioned sales have risen by 39%, with properties sold via private treaty (negotiated directly between the vendor and purchaser or their agents) fell by 10%.

It’s thought that longer completion times and an increasingly digitised auction market are behind these developments.

Jamie Cooke, co-founder at iamproperty, said:

“We are witnessing a consistent shift towards auction sales as buyers and 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 are frustrated with the drawn-out timelines found on the open market.”

iamproperty found that that 41% of consumers are considering using the auction route.