Posted on 5th January 2017 by Jordan Holmes
Jamie Cooke, Managing Director of IAM Sold, offers his predictions for the UK property auction market and explains why more and more agents are switching on to the benefits of selling at auction:
“We anticipate major growth in the sector and appetite for agents to embrace auctions as part of their strategy for winning business in 2017 – a continuation of a trend we’ve seen since setting up the IAM Sold platform in 2009. Our year on year data shows a 55% uplift in capital value on a 33% uplift in sales, showing the rise in higher value properties utilising auction as a method of sale. In the six months to 31st October 2016, we realised in excess of £163m in capital value, 11% above the listed reserves price on average.
“With new entrants disrupting the traditional estate agency model, a wealth of different online offers and platforms, an explosion in prop-tech solutions and competition among high street agents as fiercer than ever, more and more agents are adopting a hybrid solution to stay ahead of the chasing pack, and for many, being able to offer clients the option of going to auction to sell their property is just one part of this.
“As agents continue to build auction into their marketing package, we are also starting to see a major shift in public perception. Buyers too are increasingly switching on to the benefits – our stats from last year show a significant proportion of consumers turning to auction to buy property for their own use with almost a direct split between cash and mortgaged purchases – 43% of buyers bought for owner occupation while 47% purchased for buy-to-let purposes, and 10% bought to re-sell. This is very different to a few years ago, when auctions were almost solely the preserve of cash buyers; typically larger investors and portfolio landlords. Of the owner occupation purchaser samples, 48% utilised traditional mortgage funded finance with 52% using cash.
“Many people suggest the sales market overall will contract in the first half of 2017, therefore providing further incentive for agents to offer a full range of options to clients in order to win new business. This will be critical for those agents who hope to not just survive but prosper if the market reduces in terms of transactional volume. We also expect 2017 will see IAM Sold continue to engage with higher value properties.”
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