Online Auction Index: Q2 2024

Welcome to our Q2 Online Auction Index, our market-leading quarterly focus on the UK residential online auction market.

View the full Index
Date
Share

Q2 2024 Online Auction Index

In Q2, our Partner Agents reached a new milestone by generating over £10m in fees from Auction in a single quarter, backed by record sales. Auction’s competitive edge worked in favour of both agents and vendors, looking to achieve a fast transaction and strong Sale Price.

As we move into Q3, our new government is setting out its plans, including a mission to build more housing – a move which should bring positive change in the market by increasing transactional volumes. If promises are to be delivered, we can also hope to see interest rates come down as the economy stabilises. After a turbulent time for the UK, I think we’re all ready to welcome some consistency into the marketplace.

Hear more from our Co-Founder Jamie Cooke as he reflects on the past quarter.

 

Slate_Properties Sold

2,714

Number of properties sold

Tick icon

£10m

Fees paid to Partner Agents

Icons Slate RGB_money

£471m

Worth of property sold

Slate_Data - Segment

15%

Increase in sales vs Q2 2023

Slate_Large house

53,365

Property viewings

Slate_auction desktop

17,497

Bids placed

Slate_Security

2,372

Completions

Generate income in your estate agency

21%

Increase in fees paid to Partner Agents vs Q2 2023

Q2, 2024 at Auction

This quarter, our network of over 6,000 UK Estate Agency branches celebrated their highest ever earnings in a single quarter for Auction sales. During Q2, Auction supported them with record fees of over £10m, which is a 21% increase year-on-year, thanks to a 15% rise in Auction sales compared to Q2 2023.

View the full Index

Q2, 2024 at Auction

This quarter, our network of over 6,000 UK Estate Agency branches celebrated their highest ever earnings in a single quarter for Auction sales. During Q2, Auction supported them with record fees of over £10m, which is a 21% increase year-on-year, thanks to a 15% rise in Auction sales compared to Q2 2023.

 

View the full Index
map-icon

Regional Success

  • All
  • North West
  • North East
  • Midlands
  • South
  • South West
  • South East
  • Wales
Most bids on a property
158 bids
273 Preston New Road, Blackburn
Entwistle Green Estate and Letting Agents

• 7-bedrooms
• Semi-detached house
• Reserve Price: £315,000
• Sale Price: £388,500
• 18 viewings

Most bids on a property
30 bids
2 Holyoake Gardens, Birtley
Robinsons Estate Agents

• 3-Bedrooms
• Detached Bungalow
• Reserve Price: £130,000
• Sale Price: £155,500
• 8 viewings
Most bids on a property
148 bids
1 Bennett Road, Madeley, Telford
Nick Tart Estate Agents

• 3 bedrooms
• Detached Bungalow
• Reserve Price: £130,000
• Sale Price: £195,500
Highest sale price
Sold for £1,020,000
51 Dangan Road, Wanstead
Bairstow Eves

• Terrace house
• 3 bedrooms
• Reserve Price: £1,000,000

Highest sale price
Sold for £989,500
Framewood Orchard, Framewood Road, Slough
Hamptons

• Detached house
• 4 bedrooms
• 8 viewings
• 35 bids
Most bids on property
87 bids
15 Beech Drive, St. Ives
Ellis Winters Limited

• 4 bedrooms
• Semi-detached
• Starting Bid £210,000
• Sale Price £256,500
• 21 viewings
Most bids on property
44 bids
3 Tylagarw Terrace, Pontyclun
Allen and Harris

• Terrace house
• 3 bedrooms
• Reserve Price: £100,000
• Sale Price £140,500
• 21 viewings

"iamproperty’s Auction service has assisted our business significantly, as each Auction listing has surpassed its reserve, which has been great for our clients. From a business perspective, Auction has also been a huge benefit and the fees we have gained from Auction have helped our doors to remain open. A stand out success for us this quarter is a property that was listed via Auction at a Starting Bid of £160,000, but that ended up selling for £226,000, which was £66,000 over asking. "

Derek Wilcox – Wilcox Estate Agents

"Q2 has been really strong and saw us set a personal best for the highest number of listings achieved in one quarter. We are now in a strong position as we head into Q3 and Q4, with a number of exchanges teed up for the rest of the year. My team absolutely love using iamproperty’s Auction service and would sell every house via Auction if we could. Auction has helped contribute to the success of Q2 by supporting us to get paid quicker and receive higher fees than we would through Private Treaty."

Rob Anderson - Knightsbridge Estate Agents

"Auction has played a huge role in increasing the profitability of our business, particularly in our Crewe branch where we have seen the interest in our Auction properties continue to grow, with many investors eagerly awaiting us to get in touch with our latest Auction properties. Our overall experience of using iamproperty’s Auction service has been extremely pleasant and very smooth."

Craig Whitney – Stephenson Browne

Q2 Online Auction Index - Website Consumer Viewpoint 1 (1)
Q2 Online Auction Index - Website Consumer Viewpoint 2

Consumer viewpoint

Consumer confidence in auction has never been higher, resulting in consistent month-on-month growth for our Partner Agents. At the same time, frustration with Private Treaty is growing, and Auction offers the solution to many consumers’ pain points with the ‘traditional’ process – faster timelines, increased security and improved transparency. Currently, 41% of consumers are considering auction as a method of sale in favour of Private Treaty, so there is a huge opportunity to grow auction’s appeal as a first choice.

View the full Index

Consumer viewpoint

We are already seeing first-time buyers making up a third of purchases in the wider market this year, and this trend looks set to continue, since owning is now cheaper than renting. First-time buyers are well suited to Auction as digitally savvy consumers who are open to new, online experiences. Auction removes the risk of gazumping and helps buyers to move quickly – both key priorities for buyers in the current market. If you’re working with sellers with properties suitable for starter homes, consider how Auction can help get properties in front of highly motivated first-time buyers.

View the full Index

Jamie’s predictions for Q3

An overview of trends Jamie expects to see in the Auction market as we enter the second half of the year.
Consistency in the market

Moving forward with confidence

I expect we’ll see a more solid consistent market for the foreseeable, now that we have avoided the general election being held over the traditionally busy sales period of September and October. This should allow our Partner Agents to support their clients to move forward with confidence, with added reassurance that they are transacting within a more stable marketplace.

Lowered interest rates

Positives for mortgage buyers

With the new Labour government in place, I’m hoping to see a further reduction in interest rates as part of the new Cabinets first Autumn Statement. A drop in rates will support affordability for mortgage buyers and help get the market really moving.

Consumers seeking choice

More demand for auction

Today, consumers expect more choice in all their buying decisions and property transactions are no different. There is no one-size-fits-all in any consumer context, and I predict that the Estate Agents who excel in Q3 will be the ones offering vendors choice in their method of sale, which we know Auction delivers on.

View our Q2 Online Auction Index

View our Q2 Online Auction Index

Our Online Auction Index is the first of its kind for the UK, released at a time when the Modern Method of Auction market has never been more active.

View the full Index
View our Q2 Online Auction Index

Become an Auction partner

iamproperty Auctions help agents succeed in any market, with a service that gives your clients an alternative method of sale to match their circumstances.

Fewer fall throughs with our 95% completion rate

Faster, 7-day payments

More choice and increased security for your clients

  • This field is hidden when viewing the form

Related Insights & Resources

View all