With a high number of estate agents adding auctions to their list of services, Bamboo Auctions has reached a new milestone of 5,000 online auction sales, raising just under £1bn in total property transactions.

Launched in 2016, Bamboo now has more than 1,100 estate agency partners and has sold over 5,150 properties through its online auction platform to date with a total value of £904m.

With more estate agency partners than ever before Bamboo Auctions says that it is on track to have its best year yet having already reached 839 sales in 2024 with an average sold price of £184,251.

Bamboo Auctions provides estate agents with the technology to enable them to offer their own online auction service, adding this to their existing offering and giving vendors another option when it comes to marketing and selling their property.

Through the platform, agents can list, control, and manage their listings using Bamboo’s technology, whilst keeping control over the sales progression, buyer and seller relationships and cross selling opportunities.

Robin Rathore, CEO, Bamboo Auctions, said: “Bamboo was built to help agents sell more properties, with an ambition to make online property auctions more accessible for both estate agents and their customers, wherever they are. We continue to invest heavily in technology and innovative solutions that help agents sell more properties, while supporting our agents with the highest levels of consultative customer service.

“We’ve seen a significant uptake in the demand for our platform as agents seek to take back control of their own auction service. Using online auction, estate agents earn more of their revenue, faster, which in the current market helps to ensure positive cash flow. Bamboo provides all agent partners with training on how to use the platform, along with advice and knowledge around how to spot the right properties for auction, when to suggest it, and how to ensure the vendor gets the best outcome.

“Reaching the 5,000 sales milestone is hugely significant for the Bamboo team and further cements our place in the market. I’m grateful to our agent customers for putting their trust in our technology and service and look forward to building on our successes together as we head towards another record-breaking year for Bamboo.”