Outsourced auction management provider, IAM Sold, saw approximately £32.31m capital value raised across 277 auction sales throughout the UK in March, an increase on February’s 254 auction sales with a capital value of £26.6m.
Of the total sales in March, 64% were via online auctions, and 36% were in the auction room. The majority of buyers were owner/occupier with 52% purchasing for occupation, while 36% purchased for buy-to-let, and 12% to renovate and re-sell.
Of the 277 auction sales, 40% were sold over reserve price. The highest was Wordsworth Avenue, a six-bedroom property in Cardiff, which sold for £342,500 - £117,500 over its starting price thanks to a highly competitive online auction which attracted a huge 98 bids for the property.
Jamie Cooke, Managing Director of IAM Sold, comments: “March was another busy month for our auction teams and it was particularly interesting to see the frenzy that Wordsworth Avenue created. Using the modern method of auction (online) helped to attract competition and create a bidding war. The starting bid encouraged a lot of viewings, all of which were completed in one week prior to the property going online which helped to intensify the bidding war.”