Arden House, Regent Centre, Newcastle upon Tyne, NE3 3LU 
Sells Residential Property 
Operates Across the UK including Northern Ireland 
Based on 4,254 Reviews
12 Month's Data
12 Month's Data
12 Month's Data
12 Month's Data
Buyers Fees Apply
Established in 2009, iamsold (a subsidiary of the iamproperty Group) has emerged as one of the UK’s leading auction service providers – championing the introduction of the Modern Method of Auction (MMoA) across the UK.
In partnership with estate agency branches across the country, iamsold provides a distinctive alternative to conventional private treaty sales methods.
Once the auction hammer falls, a non-refundable deposit is paid to secure the property. The buyer typically then has 28 days to exchange contracts and then a further 28 days to complete on the sale.
Note that IamSold also offers traditional auctions, a faster and arguably more secure option where contracts are immediately at the fall of the hammer. Buyers then have 28 days to complete on the sale.
As explained below, the seller pays 0% commission upon sale. However, the buyer pays a higher fee (typically in the region of 5% + VAT with a minimum charge of £6,600 including VAT). At the point of completion, this commission gets split between iamsold and the partner estate agent.
The auction house has sold 10,991 properties in the past 12 months, raising £1.93 billion in sales and paying £41.4 million in agency partner fees.
IamSold Auctioneers operates across England, Wales, Scotland and Northern Ireland.
IamSold only operates in the residential auctions space and their properties up for sale appear on their website.
IamSold Auctions sells properties that range from £1,000 as a starting bid for a small house in Telford, Shropshire (TF1) up to £500,000 for various properties which appears to be the maximum price cap of available properties on their website.
The average price of IamSold’s residential auction properties is £175,598. With the UK national average house price standing at £289,707, it would be fair to say that they generally cater to the lower and mid-range sections of the market.
Using data from the UK’s top 50 auctioneers, the national average sales price was £149,062 for residential property auction sales over the last 12 months.
IamSold run via their own auctions platform where prospective buyers register (online), agree to specific Terms + Conditions and undergo relevant checks before being eligible to bid on a property. The winner is also announced on the platform for both the bidders and the general public to view.
However, it’s down to the estate agency partners to actively promote the properties – typically using portals such as Rightmove + Zoopla alongside other marketing channels they have at their disposal.
IamSold has sold 17,337 of the 10,991 – or 63% – of the residential property lots listed in the past 12 months.
Whilst this puts them above the UK’s leading auctioneers (such as Allsop, Savills and Auction House) in terms of the number of properties sold, it would not be fair to compare them to the traditional operator due to the differing core business models.
Having a higher percentage of lots sold is usually a sign that the operator has the relevant expertise in pricing auction properties realistically. Whilst nearly 11,000 property transactions is certainly encouraging, the fact that IamSold fails to sell 37% of their marketed stock should make sellers somewhat vigilant of the downsides of using the modern method of auction.
Technically, yes.
In many cases, it will be the estate agent that suggests using IamSold’s services – typically where the property may be struggling to sell on the open market or the seller is looking for a quicker process.
There will be a new agreement (separate from the estate agent’s contract) which will state that the seller will pay 0% commission. Note, however, that there are a few catches:
Property Auctions News track sales data for all the leading auction houses across the UK.
With 10,991 sales in the last 12 months, IamSold certainly takes the lead in terms of completions (second is Allsops Auctions with 4,447 sales).
However, as mentioned above, it wouldn’t be entirely fair to pit IamSold against the mainstream auctioneers. The modern auctioneer has a 0.99% share of total house sales across Britain, impressive considering the intensely competitive nature of the industry.
It’s worth also talking to smaller and often more “nimble” auctioneers who often benefit from offering a personalised service. Many also have experienced property investment professionals who can provide the best possible advice.
IamSold’s auction service is reviewed across a number of online platforms including TrustPilot, Google Review and GetAgent and has an average review score of 3.53 (out of 5).
Trustpilot IamSold Reviews currently shows a 4.3 rating with 12% giving 1 stars. One reviewer described using the service as “dreadful” and that they have zero interest in achieving the highest value for your property as their fee is a minimum of £6,600 (+ VAT) regardless of the sale value. IamSold nonetheless has a good volume of 5-star reviews with one previous client recently stating that “the process is smooth” and that he felt “well-supported”.
Reviews.io IamSold Reviews currently shows a 4.7 rating. One client described the service as “overpriced”, “lacking in professionalism” and that the company took a “car salesman-type attitude when the property was sold”. However, another reviewer commented that she had “a very good experience overall including the ability to review and monitor all progress online. The only thing would be to be explicit from the outset regarding any charges”.
Reviews of auctioneers must be viewed with caution as these are personal experiences and due to certain expectations. It’s always verifying the accuracy of the review and researching the track record of the auctioneers.
Please start by entering your postcode
With the charging structure different to most auctioneers, it’s worth running through how IamSold Auctions charges to market and sell a residential property:
Seeming too good to be true at face value, sellers pay 0% to successful completion. As explained above, IamSold makes its money by charging a sizeable buyer’s fee which is split with the estate agent that markets the property. Note that the seller will need to pay auction legal pack and conveyancing fees.
There are no additional vendor fees to pay. Auctioneers often charge these to cover marketing material (photographs, the floorplan producing the EPC) alongside other administrative costs.
In most cases, the estate agent would have already attempted to sell the property and can, therefore, effectively recycle the promotional content / assets. The listing will be altered slightly to reflect the differing nature of the sale (outlining the terms + conditions of the modern auction, dates, accessing the auction legal pack etc.).
Note that there would be no additional fees should the property not sell through IamSold’s auction platform and gets relisted.
Buyers pay a premium (reservation) fee of 5% + VAT of the sales price with a minimum of £6,600 including VAT payable to IamSold at the fall of the hammer. Note there will be no refunds should the sale not complete.
Furthermore, if the buyer does not adhere to the stipulated 56-day deadlines, the seller can relist the property (and IamSold will split the fee from the subsequent sale with the estate agent)
Usually paid at the fall of the auction hammer (covers the necessary paperwork that will need to be completed across the transaction), given the already high fees, IamSold do not charge an auction buyer administration fee.
With any auction sale, there are legal fees that both parties must pay. IamSold has its own in-house legal team which buyers and sellers may choose to use (but are under no obligation). Indeed, it is often best to shop around for the most competitively priced and reputable conveyancers.
It’s generally always recommended for a solicitor (conveyancer) to prepare an auction legal pack. This is because the buyer will effectively be committing to purchase the property at the fall of the hammer and would therefore need as much background information as possible. Note that IamSold calls these “Buyer Information Packs”.
The legal pack will typically contain: Title Register (Deeds), Title Plan, conveyancing searches (buyers may choose to take out specific indemnity insurance policies), latest Energy Performance Certificate, terms + condition of sale, Special Conditions of Sale, completed Law Society Forms (TA6, TA10, TA7, LPE1, LPE2), Leasehold Management Pack, Tenancy Related Information.
As a seller, you may choose to pass these on to the buyer which will be written into the Special Conditions of the auction contract. Bear in mind, depending on how “in demand” the auction property is, it may result in bidders offering lower to factor in the costs. Added to the already high buyer fees, we would urge caution when thinking about adding in this cost.
Please start by entering your postcode
As one of the industry pioneers, IamSold primarily operates under the modern method of auction model.
Once the online hammer (or “gavel”) falls, the buyer must pay a non-refundable deposit to secure the property. From this point, the buyer usually has 28 days to exchange contracts, with an additional 28 days to complete on the sale.
Yes, they offer 28-day (unconditional) sales too. IamSold will conduct the marketing, viewings and deal with enquiries in the same way as with their 56-day auctions. The bidding process will also proceed similarly.
When the online gavel falls, contracts are immediately exchanged. At this point, the buyer will typically pay 10% of the auction property’s sales price alongside the buyer’s premium.
The buyer then has 28 days to complete on the sale or else face financial penalties (stipulated in the auction terms + conditions). Should there be extensive delays in completion, the buyer faces the serious risk of losing the entire deposit. Note that, unlike other auction houses, it is not possible to extend the period to 42 days (6 weeks) or longer.
It would be fair to say that, given the more restricted timeframes to exchange and complete, end sales prices for traditional auctions tend to be lower.
As an online platform, IamSold does not have specific bidding periods and auction closing dates. Once you agree to sell your property via their platform, there will be a specific marketing period – typically 3 to 4 weeks.
The auctioneer can therefore often have multiple property auctions running at different times of the day (although they tend not to occur at weekends when buyers are less likely to bid).
Regardless of whether you’re buying or selling at auction, remember to take the time to understand how everything works from start to finish to avoid any misunderstandings.
In most cases, the seller will already have had a valuation undertaken by the estate agent (and the property would have already been on the market).
Nonetheless, for success to occur at auction, IamSold will typically suggest lowering the price more competitively and will carry out a “desktop” market valuation of the property. This may be accompanied by an independent valuation by a RICS professional (a cost the seller will incur). They will discuss suitable reserve and guide prices that the estate agent will relist the property at.
Whilst IamSold has its own platform that auction buyers check out for opportunities, it will primarily be down to the partner estate agent to ensure the property gets the right kind of exposure.
For this reason, as a seller, make sure the agent produces high-quality photos and a detailed floorplan (alongside the necessaries such as a valid energy performance certificate). IamSold will then work with the agent to prepare the listing in line with the relevant guidance – this will include the terms + conditions, full details on the the property (following “material information” guidance), making enquiries, booking viewings, fees.
In addition to IamSold’s portal, the listing will be fed through to the major property portals including Rightmove, Zoopla and On the Market. The more experienced agents can also make use of “black books” of investors they have access to as well as use social media and email campaigns to reach potential buyers.
They use traditional and “offline” methods for the auction which may include auction sale boards, brochures and local media channels.
The estate agent the seller originally signed up with handles buyer enquiries and conducts viewings.
The dedicated account manager at IamSold will be available to answer buyers’ questions regarding the auction sales process and other queries. Sellers can also contact them for updates on progress.
Yes, provided you have the right type of mortgage.
While traditional auctions are generally not suited for mortgage buyers due to the tighter deadlines, in many cases, IamSold’s extended exchange and completion time window allows buyers to secure financing.
Nonetheless, as mortgage approvals depend on lending criteria, affordability assessments, surveys, legal checks amongst other administrative hurdles, it’s advisable to consult a mortgage broker or the lender directly before bidding. Remember a Decision or Approval in Principle (DIP or AIP) does not always guarantee that the funding is secured.
It’s worth having a serious conversation with the manager to see whether going down the modern method of auction route really is the best course of action.
For example, if you have had serious interest in the property, the agent could vet the buyers to ensure that they are committed to the sale. Indeed, you may still have to wait some weeks for things to be set up with IamSold, not to mention the risk that the property may not sell and the 56-day exchange + completion period.
On all the listings there is a link to register as a bidder. All bidders must undergo compulsory identification and Anti Money Laundering (AML) checks. Note that buyers interested in multiple properties will have to register to bid on each.
Once approved and the bidding window is open, buyers can bid up as high as they wish. Only IamSold and the seller will know the reserve (minimum acceptable) price which may or may not be the same as the stated guide price on the listing.
Automatic bidding process, also known as “proxy” bidding, where buyers can set a maximum price they’re willing to pay.
Depending on the expected level of interest for a given property and what the seller agrees to, IamSold’s bidding windows range from 48 hours to 14 days.
IamSold will close the bidding on a pre-agreed date and time (most likely on a business day).
Yes, absolutely – it will then be at the discretion of the seller to accept or not.
Pre-auction, in most cases, IamSold will advise to let the competitive bidding go ahead. However, if the property has failed to reach the reserve price, the seller may be more open to offers post-auction.
An auction buyer’s premium is an additional fee the winning bidder must pay on top of the “hammer” price. It is typically a percentage of this figure (subject to a minimum) and serves as a commission for the auction house. These days, it is a standard charge made by most auctioneers – however, due to weighting all of the fee to the buyer, IamSold’s fee is much higher than others in the industry.
Remember also that the premium will be added to your gross stamp duty calculation as it’s deemed as being the total cost of the property.
If the property fails to sell at auction, IamSold could (extend the contract/enter the lot at the next auction for no cost/an additional cost)
If the property is still unsold after (amount of days), you’re released from the contract sale.
Sellers should always review feedback to find out why it didn’t sell on residential auction. It might be the case the reserve was too high or insufficient interest. It’s worth reviewing the price and type of auction.
Much will depend on how quickly you need to sell the property but it may be worth weighing up the benefits of using other auction houses or possibly a quick property buying company.
Please leave your details below
© Copyright 2025 Property Auctions News. All rights reserved
PropertyAuctions.News is a trading style of Property Solvers Limited, Company Registration Number: 05878362
