Residential property auctioneer, iamsold, has reported that online auctions continue to grow in demand among vendors, with the firm seeing record-breaking sales across the first two months this year.
The auctioneers expect the rise in demand to run into the spring and beyond, following the extension of the Stamp Duty holiday deadline and its partnerships with Rightmove and Zoopla, helping to make the Modern Method of Auction (MMoA) even more accessible to Estate Agents and vendors.
So far, the firm has seen sales up by 39% year-on-year, with February's alone up by 54% with 420 properties sold, raising £64.9m in capital value for vendors.
Jamie Cooke, Managing Director at iamsold, said: "We're predicting another strong few months ahead for auction. The benefits of the Modern Method of Auction remain relevant – speed, security and offer choice aligned to vendors' circumstances as non-discretionary sales still make up a significant proportion of the market. Our auction sales are beating records every month and we're positive it will continue for the spring season.
"Via our partnerships with both Rightmove and Zoopla, consumers will become increasingly aware of the choices available to them when it comes to methods of sale, and more and more agents will look to offer a range of options to vendors including auction."