Online auction results showing strong resilience despite property market chaos
Online auctions account for 98% of recent sales successes, with sales only being down 10% in March
Today we announced our latest performance results for March. iamproperty Group’s flagship brand, iamsold, is the UK’s largest independent residential auctioneer and pioneer of the Modern Method of Auction (“MMoA”).
The latest results show a marked resilience in the performance of its online auction offering. With 296 sales agreed in March, which represents a relatively small decline of 10%, the contribution of online sales spiked to represent 98% of sales vs. its average run rate of 80%. This comes after the business made the decision to move all its live in-room auctions online.
The latest EIG results show iamsold topping both the overall auction performance and online auctions tables. Coming top for both lots sold (3,842) and capital value raised (490,376,379), and increasing it’s share of the online auction market to almost 70%.
With over 1/3 of iamsold’s sales coming from vacant properties and another 1/3 from Probate the team are confident that they can continue to offer agents a route to faster cash and support cash flow, at a time when they need it most.
Ben Ridgway, CEO at iamproperty, commented:
"We are still open and ready to support our network and the industry, and we’re doing everything we can to provide whatever assistance they need. Our online auction offering is showing good levels of resilience so far, when compared to the property market as a whole. As consumers are spending more time online and looking for remote tech-based solutions, we are confident that we have a proposition that will enable our agents to offer a viable alternative during this crisis and beyond”
Prior to the announcements of restrictions due to the COVID-19 pandemic, year to date sales for the Group were tracking 36% ahead of 2019, as the adoption of Modern Method of Auction continues to grow across the UK.