Outsourced auction management provider IAM Sold saw a record-breaking first quarter of the year with 854 lots sold and £96m total capital raised.

This compares with 632 lots and £69.8m capital value for the same period in 2017.

Of the total sales during the period, the majority of purchasers were buy-to-let investors (56%), while 41% bought for occupation and 3% to renovate and re-sell.

Keeping in line with ongoing trends, more than one third (36%) of the properties were sold over the reserve price. One property, in Bradford, with a reserve of £60,000 sold for £125,000 – a 108% increase.

Jamie Cooke, managing director of IAM Sold which partners with estate agents, said: “It was a busy quarter for the business, and I am delighted to report these record-breaking figures.

“They are a reflection of the fact that more agents are seeing the real benefits of the modern method of auction, the fact that it creates an additional sales channel and a lot of properties are selling over the reserve price.

“Increasing numbers of agents are recognising the need to offer more sale options to their clients and provide services that match their circumstances and requirements. And due to the security element, the modern method is enabling some of our agency partners to reduce their withdrawal rates, which are currently on the rise in the private treaty market.”