AUCTION POPULARITY OUTPACES STAMP DUTY SURGE AS BUYERS SEEK SPEED OVER 200+ DAY COMPLETIONS

The popularity of property auctions continues to rise rapidly, with more buyers and sellers opting for the speed and security it offers. This growing preference comes as the average timeline to complete a property sale now exceeds 200 days1.

 

New data from the UK’s largest residential property auctioneer, iamproperty, shows auction transactions have maintained their climb, with its sales in Q2 surpassing those in Q1 (2,878 in Q1 vs 3,130 in Q2). Reinforcing the claim from iamproperty’s Co-Founder Jamie Cooke at the end of March that ‘all roads don’t end at the SDLT deadline’.

 

In a record-breaking period where sales increased by 9% on the previous quarter, transactions also generated the highest Capital Value raised in a single quarter, reaching £540 million for vendors.

Auction continues to grow at pace, and these record stats which buck general market trends, come at a time when the average property sale now takes over 200 days to complete. Jamie believes this will see even more agents look to differentiate their offering with auction, to provide consumers with the speed that Private Treaty can’t always guarantee.

 

He said: “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. Early signs in Q3 have shown record-breaking daily run rates for new instructions, giving us confidence for the months ahead.”