According to the latest figures, currently, only 2% of property transactions in the UK are completed via auction. Auctions enjoy high completion rates compared to traditional sales, 25% of which fall through, costing sellers £400 million in fees, and jeopardising millions of pounds in agent commission. This fall-through rate means 79% of sellers find the process unfair.
Andrew Marshall, Zoopla’s Chief Commercial Officer, had this to say: “Our mission at Zoopla is to be the agents’ champion and by partnering with iamsold we believe we are doing just that. Our research shows property auctions are misunderstood by many agents and consumers alike but we are confident that in iamsold we have a partner that can help us bring auctions to a whole new generation of homebuyers who might have only ever seen them on TV.
“The benefits of selling at auction for agents are clear. Faster sales, higher completion rates leading to an increased rate of return. It’s also a great way to bring to the fore properties that might have previously struggled to get the attention they deserve. We firmly believe that all of this, combined with Zoopla’s reach and recognition, will be a winning combination for agents in the months and years ahead.”
Jamie Cooke, managing director of iamsold, added: “We founded iamsold to offer an effective solution for vendors needing to buy or sell properties quickly and securely, and during the last 10 years have grown a strong network of over 2,500 estate agent branches. The future of auction is online which is something we have pioneered, so it’s incredible to see this recognised by Zoopla as they expand into this territory with our partnership.
“Although the Modern Method of Auction has many benefits, it’s little known amongst the public, with just over a quarter of UK homeowners who we surveyed recently5 aware of it. However, in the current climate, there is a sudden need to move for many due to unexpected lifestyle changes. Millions of home movers visit Zoopla each week and with this partnership, we hope to make auction a mainstream way of moving and arm more agents with this solution to go to their clients with.”
