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 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.
Cooke added: “As we settle in with a new government, I’m hoping for more market stability, lowered interest rates and increased transactional volumes.
“It feels like the right time for agents to get ahead of a flurry of activity and offer different methods of sales, including auction.”