John D Wood & Co. has teamed with iamsold, which pioneered the Modern Method of Auction (MMoA) and now works with over 6,000 UK estate agent branches, providing an alternative sales method to vendors looking for enhanced speed and security.
The UK property market is seeing an online auction boom and consumer confidence in auction has never been higher. This year so far, there has been a record number of properties sold at auction, with iamsold’s auction sales on behalf of UK estate agents rising by 15% year-on-year*, and the demand keeps growing.
Supporting this boom in sales, Google data shows that interest in auction is growing, with a sharp increase of 135% in consumers searching for auction properties since 2020.^
So why is MMoA becoming more considered as an alternative method of sale to the more traditional way, known as Private Treaty? We know people want choice in all areas of their lives, and auction gives that choice when it comes to buying and selling property, so you can decide what feels best for your individual circumstances. The benefits of working with iamsold Auction are clear, providing speed (with 56-day completion timeframes), security (95% success rate) and offering more transparency than the traditional Private Treaty. MMoA is also accessible to those buying with a mortgage, unlike Traditional Auction. In a recent survey, iamsold asked consumers what was most important to them when selling a property and 49% said reaching the maximum sale price, 29% said speed of sale and 22% said security and buyer commitment – all areas in which MMoA can deliver.
With iamsold Auctions, a Reservation Fee (usually 4.5% of the purchase price, subject to a minimum of £6,600 inc. VAT) is payable to secure the property. This is used to cover your fees and helps ensure all parties are committed to the sale, so there’s no renegotiating once it’s agreed.
In most cases the buyer pays this, securing the property for them and providing security for the seller. This Reservation Fee is non-refundable and paid in addition to the agreed purchase price. You may choose to pay the
fees yourself upon completion. In this instance the buyer makes payment of a non-refundable Reservation Deposit, which forms part of the purchase price.
“MMoA is another way to buy and sell property,” says iamsold Co-Founder, Jamie Cooke. “We can do everything online, so moving home doesn’t have to be any different. Estate Agents all over the UK are offering it, and the uptake from consumers is rocketing. Owners of all sorts of properties are benefitting from auction, giving people the power to move their way.”
For more information on auctions please contact John D Wood & Co. at [email protected]
*iamsold sales data.
^Google Trends data, Jan 2020 compared to Jan 2023.
