Posted on 26th January 2017 by Jordan Holmes
Despite being just 8 years old, IAM Sold jumps to number one on the EIG Residential Auction League Table, for number of lots sold, ahead of established players
IAM Sold, the UK’s largest independent provider of outsourced white label auction services, is the market leader in residential Lots sold in 2016 according to the latest Essential Information Group (EIG) league tables, with almost double the number of Lots sold compared to market leader, Allsop. IAM Sold has also crept up the ‘Capital Value Raised’ table from 5th to 4th place (2015 to 2016), increasing its market share by more than a quarter.
According to the 2016 EIG league table, which is based on capital value raised overall, IAM Sold held 70 auctions and sold 2,013 Lots with a capital value of almost £200 million, up 40% on 2015, when the total raised by IAM Sold was just over £143 million.
Jamie Cooke, Managing Director of IAM Sold, comments: “Our market share is growing as we spend a lot of time training agents and valuers on the benefits of auction, and they increasingly turn to it as their main method of selling. Property auctions were once seen as the preserve of ‘dud’ properties and cash buyers, but this is no longer the case. Our statistics 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. Of the owner occupation purchasers, 48% utilised traditional mortgage funded finance with 52% using cash, which is evidence of the changing tide of auctioning homes.
“In 2017, we anticipate major growth in the sector as agents continue to embrace auctions as part of their strategy. We also have plans to expand further south and into London where there is appetite from both investors and homeowners alike.”
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