There was a record number of properties sold by agents using online auctions in the third quarter of this year, according to Iamproperty.
Its quarterly online auction Index shows there were 2,530 properties sold online via its Modern Method of Auction system.
This is 31 per cent higher than this time last year following a seven per cent rise in Q3 alone.
Capital Value raised also reached a record figure of over £431m in Q3 – that’s up five per cent on Q2 and 27 per cent higher than a year ago.
Meanwhile sales in August hit a single-month high of £155m – one region saw a 42 per cent rise in monthly sales.
Iamproperty co-founder Jamie Cooke says: “Whilst we’re beginning to see some signs of settling in the wider market it’s still a challenging landscape for estate agents, with a lower than average number of discretionary sellers and mortgage rates remaining at the higher end.
“There are still people out there both wanting and needing to move and the agents who are able to offer auction as a method of sale to their vendors are feeling the benefit as people are prioritising speed, security and transparency more than ever before which auction was made to deliver on.”
