Revealed: The UK hotspots where the most properties sold via online auction in 2023
The number of properties iamsold sold via online auction increased by 35%* in 2023, as a turbulent property market prompted a shift towards sellers seeking a faster and more secure method of sale.
Whilst online auction sales surged nationwide, the UK hotspot which saw the highest number of transactions was Kent, followed by Greater London, Birmingham, Lancashire and Nottinghamshire*.
In 2023, buyers and sellers navigated a frustrating property market, grappling with slower transaction timescales and an increased number of fall-throughs. Data from Rightmove reports that it took an average of 59 days** to find a buyer last year, whilst the number of fall throughs increased to 69,940 in the second quarter of 2023.
Auction’s speed and security held strong against the turbulent market, with more buyers and sellers than ever before opting for the Modern Method of Auction (MMoA) to transact quickly and securely, benefiting from MMoA’s 56-day**** completion timescale and 95% completion rate****.
Auction can be suitable for any type of property. This grand 4-bedroom Victorian home in Windsor (left) sold for £1,065,000, an impressive £105,000 over its Reserve Price, whilst this 3-bedroom family home in Birmingham (right) sold for £147,000 over its Reserve Price, showing that auction can secure a strong sale price for sellers, as well as having the benefits of speed and security.
Other locations making up the top 10 selling regions for online auction in the UK in 2023 were County Durham, Lincolnshire, Bradford, Essex and Hampshire*.
This data comes from our market-leading auction service, iamsold, which sold a record-breaking number of properties via online auction last year. 9,487 properties were sold in 2023, up by 35% year-on-year, as our auction sales grew to account for 1% of all UK property transactions for the first time, as more consumers turned to auction to help navigate a challenging market and achieve their goals of a fast and more secure transaction.
Jamie Cooke, iamsold Co-Founder said: “Last year we saw the Modern Method of Auction really come into its own, as the benefits around auction’s speed and security rang true for vendors. As buyers and sellers battled with several consecutive interest rate rises, longer Private Treaty transaction timescales, and a growing number of fall-throughs, we saw an increased number of Estate Agents offering MMoA to sellers, and more vendors opting for auction as an alternative method of sale.
“Whilst there’s still uncertainty in the market, there’s early signs that things are beginning to move in the right direction, which is hopefully reassuring for consumers. We’re already seeing last year’s demand for auction continuing to grow at pace, supporting buyers and sellers who are prioritising speed and security more than ever before. In 2023, Kent and Greater London were the areas where we saw the most auction sales, but we’re already seeing a surge across all corners of the UK so far this year.”
Our market-leading auction solution iamsold has over a 60% market share of online property auction sales.
*Data from iamsold auction sales.
**Data from Rightmove
***Data from Estate Agent Today
****From receipt of draft contracts