Online auctions saw a remarkable 35% surge in property sales last year, and it’s no surprise why. It was a turbulent year in the property market. On average, it took around 59 days to find a buyer, and nearly 70,000 deals fell through in the second quarter of 2023. So it’s no wonder sellers were seeking quicker and safer methods to sell their homes.
Online auctions emerged as a beacon of reliability. The Modern Method of Auction (MMoA) became the go-to for many, offering completion in just 56 days and boasting an impressive 95% success rate. It was a breath of fresh air for buyers and sellers alike.
In 2023, we shattered records by selling over £1.6bn worth of property and earning over £33m for our Partner Agents, who sold properties ranging from thousands to £2.4m. That’s a testament to the growing popularity of online auctions in navigating the ever-changing property market. With over a 60% market share of online property auction sales, we are leading the charge in revolutionising how we buy and sell homes.
Online auctions aren’t just for rundown low-priced properties. They’re suitable for all types of homes. Take, for example, a charming 3-bedroom detached property that sold for £428,000, surpassing its starting price by a solid £68,000. Or the amazing 6-bed semi-detached in London that sold for a massive £2,381,500, with 612 bids placed, achieving £431,500 over the starting price.
Check out more of our Auction Success stories in our yearly round-up brochure.
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Our findings highlight a growing opportunity for agents to stand out through clearer communication, simpler explanations and stronger guidance throughout the moving journey.
Everything you need to educate your clients about the power of auction.
