Modern method of auction operator iamproperty has recorded double digit profit growth for its most recent trading year.

Overall group revenue increased 18.3% to £51m (up from £43.1m in 2023), with profit before tax of £13.9m – this was, in the words of the company, “before head office costs.”

Its residential property auctions business, iamsold, generated revenue growth of 20.4% to £41.4m.

iamproperty’s auction transaction numbers rose from 17,337 to 20,148 and it says it conducted 1.1% of 2024’s total housing transactions. 

The company works with over 6,500 partner agency branches across the UK.

Ben Ridgway, co-founder, says: “The residential property market needs to change and we are leading efforts to make it work better for everyone. 

“Building on the standout success of our online auction offering, our ambition is to create one central, integrated digital platform providing a comprehensive ecosystem of cutting-edge solutions to help estate agents win increased market share, unlock value and bring speed and security to every transaction, making the whole property buying and selling process better for everyone.”