Auction service provider IAMSOLD is planning to expand in the South this year after seeing the total it raised climb by almost a third in 2016.
Data compiled by EIG shows the firm sold £186.8m of property at auction, up from £143m in 2015. Its success rate of 73.5% is one of the lowest in the residential league table, but it nevertheless increased its market share from 4.2% to 5.3%. This puts it in fourth place, ahead of Clive Emson and behind Barnard Marcus.
A network of 1,100 estate agents forms the backbone of the business, which does everything for them under their own brand. A deal with LSL Property Services last year added 380 branches of Reeds Rains and Your Move.
The firm is also unusual in that it allows buyers an extra 28 days to complete, opening up more traditional financing options for non-cash buyers.
“We plan to expand in the South in 2017,” said managing director Jamie Cooke.
He also expects the firm to be handling more higher-value properties. Last year it sold more than 2,000 lots, but its average sale price was the lowest in the top 15 at £92,800.
At the top of the table, Allsop Residential held on to first place with only a slight dip in total raised. Savills held on to second place despite its 20% sales drop (see p35) and third-place Barnard Marcus managed a 0.4% increase. All three saw a slight drop on their market share.
In the tougher residential climate, just six of the top 15 managed a success rate of 80% or more for the year.
TOP RESIDENTIAL AUCTION HOUSES BY AMOUNT RAISED
Auctioneer |
Total lots sold |
Average lot size |
Number of auctions |
Region |
|---|---|---|---|---|
| Allsop Residential | 1,222 | £353,423 | 7 | London |
| Savills (London – National) | 1,098 | £309,605 | 8 | London |
| Barnard Marcus | 1,331 | £190,089 | 10 | London |
| IAM Sold (All) | 2,013 | £92,803 | 70 | UK |
| Clive Emson (All) | 933 | £169,347 | 40 | South East Home Counties |
| Auction House London | 447 | £246,668 | 7 | London |
| Andrews & Robertson | 411 | £262,256 | 7 | London |
| Countrywide Property Auctions | 520 | £183,466 | 21 | London |
| McHugh & Co | 254 | £336,347 | 5 | London |
| SDL Bigwood | 604 | £122,593 | 6 | West Midlands |
| The Agents Property Auction | 862 | £79,762 | 17 | North East |
| Strettons | 198 | £332,283 | 6 | London |
| Butters John Bee | 562 | £82,589 | 11 | West Midlands |
| Sutton Kersh Auctions | 623 | £73,551 | 7 | North West |
| Hollis Morgan | 176 | £252,196 | 6 | South West |
| Overall residential totals 2016 | 22,831 | £153,265 | 1,356 | – |
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