Online Auction Index: Q3 2024

Welcome to our Q3 Online Auction Index, our market-leading quarterly focus on the UK residential online Auction market.

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Q3 2024 Online Auction Index

Q3 was one for the history books at iamproperty. For the first time, on behalf of our agent network, we sold over 1,000 properties via Auction in a single month, leading us to our highest ever quarterly sales. Capital Value raised for vendors reached almost half a billion pounds, with record fees paid to our Partner Agents.  

It’s only fitting that an all-round record-breaking quarter should lead us into another special milestone – 15 years since our Auction service was launched.  

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

Slate_Properties Sold

2,857

Number of properties sold

Tick icon

£10.7m

in fees paid to Partner Agents

Icons Slate RGB_money

£498m

worth of property sold

Slate_Data - Segment

13%

increase in sales vs Q3 2023

Slate_Large house

53,365

Property viewings

Slate_auction desktop

17,497

bids placed

Slate_Security

2,496

completions

Generate income in your estate agency

23%

increase in fees paid to Partner Agents vs Q3 2023

Q3, 2024 at Auction

Our network of over 6,000 UK Estate Agency branches worked together to sell a record-breaking 1,001 properties in September, with almost half a billion pounds worth of property sold across the quarter. Thanks to a record-breaking month, Capital Value reached its highest ever level at over £498m in Q3, and our Partner Agents took home £10.7m in fees, a 23% increase compared to Q3 of last year. 

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Q3, 2024 at Auction

Our network of over 6,000 UK Estate Agency branches worked together to sell a record-breaking 1,001 properties in September, with almost half a billion pounds worth of property sold across the quarter. Thanks to a record-breaking month, Capital Value reached its highest ever level at over £498m in Q3, and our Partner Agents took home £10.7m in fees, a 23% increase compared to Q3 of last year. 

 

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Regional Success

  • All
  • North West
  • North East
  • Midlands
  • South
  • South West
  • South East
  • Wales
Highest Sale Price
Sold for £730,000
28 Burlington Road, Altrincham
Reeds Rains

• 4-Bedrooms
• Detached house
• Reserve Price: £730,000
• 4 viewings


Highest Sale Price
Sold for £415,000
17 Albany Gardens, Whitley Bay
EweMove

• 6-Bedrooms
• End of terrace
• Reserve Price: £380,000
• 8 viewings
Most bids on a property
137 bids
12 Beecher Street, Halesowen
Connells

• 3 bedrooms
• Detached Bungalow
• Reserve Price: £240,000
• Sale Price: £332,000
• 137 viewings
• 18 bids
Highest Sale Price
Sold for £1,999,000
133 Kennington Road, London
Barnard Marcus

• Terrace house
• 8 bedrooms
• Reserve Price: £1,950,000 
• 12 bids
Highest Sale Price
Sold for £1,510,000
Riverside, Bosham Lane, Old Bosham
Hamptons

• Detached house
• 3 bedrooms
• 8 viewings
• Reserve Price: £1,500,000
• 2 bids
Highest Sale Price
Sold for £925,000
Old School House, Whittles Lane, Frampton On Severn, Gloucester
Hamptons

• 5 bedrooms
• Detached house
• Reserve Price: £900,000
• 9 viewings
Highest Sale Price
Sold for £440,000
Bighouse Farm, Lunnon, Gower
John Francis

• Detached house
• 3 bedrooms
• Reserve Price: £400,000
• 12 viewings

Q3 has been highly successful for our agency, marked by significant growth and achievements across all our operations. With the sales pipeline being quite unpredictable at the moment, the security provided by Auction for both our vendors and buyers has had a substantial impact in the last quarter. Auction ensures that sales are finalised swiftly, which in turn supports our pipeline and ensures that fees are paid promptly.

Stacey Cramp – Knightsbridge Estate Agents

Q3 has been strong for us as a branch, with a particularly successful month in August. Auction has contributed by generating more income, and our overall experience with Auction has been super positive, it's really getting sales moving.

Belle Smith – Stephenson Browne

Since our relationship with iamproperty began, Q3 has been our most successful quarter to date. We achieved a record amounts of instructions and sales across the board, particularly at our Bloxwich branch.

Auction has contributed to our extremely successful quarter, as it helped our branches to identify suitable stock, and pinpoint motivated chain free sellers looking to sell quickly. These sellers were then referred to our Auction Specialist, who guided them through the process.

James McCue – Webbs Estate Agents

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Q3 Online Auction Index Website Consumer Viewpoint 1
Q3 Online Auction Index Website Consumer Viewpoint 2

Consumer Viewpoint

In Q3, we saw a continuing uplift of buyers making their Auction purchase using a mortgage, with an 11.5% increase in mortgage buyers vs the same quarter last year. Increasing numbers of mortgage buyers alongside an improved understanding and confidence in Auction show residential buyers are becoming more commonplace.  

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Consumer Viewpoint

Positive experiences are putting Auction at the forefront of consumers’ buying considerations, and our customer experience metrics are demonstrating this success. 

With Q3 standing as our best performing quarter in terms of sales volume and Capital Value raised, it is clear that the upwards trajectory of Auction is not slowing down, and we expect to see even more owner occupier purchases over the coming months and years. 

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Jamie’s predictions for Q4

An overview of trends Jamie expects to see in the Auction market as we enter the final part of the year.
Fast completions a top priority  

Completing before Christmas

Selling before Christmas is front of mind heading into Q4. Buyers are looking to complete ahead of the holidays and agents are keen to boost their sales pipeline before the calendar year ends, making fast completions a top priority. Auction is still out-performing lengthy Private Treaty transactions, with its 56-day completion timelines* offering buyers an opportunity to get in before Christmas. 

*Based on Grande 1 standard properties. From receipt of draft contracts

 

Competition to remain high

High stock volumes

A long-awaited drop in interest rates, coupled with any hesitation the build-up to the general election may have caused, has prompted an increase in stock. Despite increased buyer interest and property availability, competition for properties will still be high, which Auction’s competitive bidding can help maximise to get the best result for vendors. 

Further market movement

Economic improvement

While there are never any guarantees of a stable economy, the next quarter looks to be one that both vendors and agents can approach with cautious optimism. The tax changes expected in the new government’s first Autumn Budget will likely prompt further market movement, and if interest rates continue to improve, we could see the market open to even more buyers and sellers. 

View our Q3 Online Auction Index

View our Q3 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.

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View our Q3 Online Auction Index

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