Long before Covid-19, online auctions were growing in popularity versus in-room and the pandemic has only hastened the transition. As digital transformation sweeps across sectors, it was just a matter of time before the residential property industry followed suit in making the moving process more digital to better suit the needs of buyers and sellers.

UK house prices have been on an upward trajectory this year, and auction is no exception to this trend, as we have seen through Modern Method of Auction (MMoA) sales continuing to break records and reach new heights. Estate Agents can take advantage of these market conditions and the growth of alternative methods of sales, including auction, in order to stand out from their competition and getting paid faster.

Today’s consumers are used to having a lot of choice and this should be extended to the residential market, with a choice of method for buying and selling property that meets individual needs and circumstances. Adding auction into the mix gives buyers and sellers wider choices and helps Estate Agents be competitive and win more instructions.

The industry’s response to Covid-19 modernised the buying and selling process by around a decade and continued innovation is needed to further drive improvements to the home moving experience for everyone.

With Rightmove and Zoopla now listing auction properties alongside usual Private Treaty sales, auction has been established as a reliable alternative to traditional sale methods that buyers and sellers can trust, as well as a tool to drive revenue increases for estate agents. As the market shows no sign of slowing down as well as consumer awareness and confidence in auction sitting at an all-time high, there isn’t a better time for agents to get involved with auction.

The range of properties we’re seeing coming through from our partner agents and successfully being auctioned is growing, proving that auction is suitable for any type of property.

Estate agents are selling more properties at auction than ever before, with 3,857 already sold, up from 2,997 at the same point last year. MMoA is dominating the auction space and it’s an area we’ll continue to drive innovation around. There will always be a place for ballroom auctions, but online auction is where Estate Agents are seeing growth opportunities and are seeing more engagement from consumers willing to try it.

Jamie Cooke is managing director for iamproperty’s auction service iamsold.