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, the expert town and country property estate agents, to power its new online auction offering. 

This marks the first time that Michael Graham have offered an auction service to its clients. Across its network of 15 offices, Michael Graham is now able to offer the auction method of sale to vendors, white-labelled through Bamboo’s online auction platform. 

Bamboo Auctions provides estate agents with the technology to power their own online auction offering. With Bamboo, agents can list, control, and manage their own auction service. By using Bamboo’s technology platform, Michael Graham agents have been able to add auctions to their existing service, offering vendors another option when it comes to marketing and selling their property. 

Through the platform, Michael Graham can list properties for sale by online auction at any time, giving sellers complete flexibility over the transaction timescales. Buyers can search, download the legal packs, and place bids from wherever they are. 

The popularity of online property auctions continues to rise as sellers look for more speed, certainty and transparency when it comes to selling their property. Over the first half of the year, Bamboo saw a 31% increase in the number of properties being listed by its agent partners for sale by online auction, when compared to the same period last year. 

Carly Freestone, Marketing and Operations Director, Michael Graham Estate Agents, said:

“We’re seeing an increased demand from clients looking to sell their properties with a quicker turnaround. Adding an auction service enables faster transactions, particularly for chain free clients. We’ve already had a lot of interest from clients and have a number of listings which are gaining some excellent traction on the Bamboo platform. We’re thrilled to be working in collaboration with Bamboo and excited about the future possibilities our partnership will give us.”

Robin Rathore, CEO, Bamboo Auctions, said:

“Selling properties through auction is fast becoming more popular as agents and their clients look for alternative ways to sell their property. Online auctions allow for a faster transaction time and enables everyone to move to a much more efficient timescale. Our agency partners not only get access to our online auction platform, they also get expert advice and hands-on support from our experienced team who are there to help guide them through the entire process, whilst keeping control of the transaction and vendor relationships. We’re really excited to be working with the team at Michael Graham; their reputation for a high-quality service and their dynamic approach to selling perfectly aligns with Bamboo and we can’t wait to build on our initial successes together.”

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Bamboo Auctions is providing the white-labelled online auction technology for Michael Graham.

Michael Graham partners with Bamboo Auctions

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When it comes to buying and selling property, pricing is crucial. The latest housing insight report from Propertymark tells us that, whilst the gap between the seller’s asking price and market expectations is narrowing, it is still significant. The data shows that nearly 80% of all private treaty transactions are selling for less than the asking price, in comparison fewer than 10% of properties are selling in excess of the asking price, further solidifying why accurate pricing is so important. 

We saw CPI inflation rise from 1.5% in April 2021 to 11.1% in October 2022, which is a huge increase, only for it to fall dramatically back to 2.3% by April 2024. This left both households and businesses struggling to cope in the face of increased costs due to inflation and the impact of the accompanying rise in interest rates. With the end of 2024 now in sight, rates appear to have finally settled at 5% and we expect this to stay stable for the foreseeable.

Whilst inflation has come down, prices are still increasing, albeit at a slower rate. and this has impacted the housing market on both a macro and micro level. CPI inflation was higher than wage inflation between April 2021 and June 2023. This resulted in the property market being largely supported by what are termed as “necessity sellers” (e.g. those vendors forced to move due to divorce, debt or death), cash-rich buyers or buyers with large deposits. 

Fragility in the market has been created by these interest rate rises, with sellers delaying moves, buyers pulling out of transactions, or renegotiating prices, all of which have left estate agents to deal with lengthy transaction times and increased market uncertainty. If you’d like to read more about how online auctions can help prevent sales from collapsing, take a look at our recent blog post: 

Signs of renewed activity is starting to appear in all sectors of the property industry; conveyancers, estate agents, mortgage brokers and removal companies. A 14% increase in the number of market appraisals being carried out by member branches was reported by Propertymark in its April 2024 Housing Insights Report. Agents also experienced a 20% increase in new property instructions on the month before. The average number of new prospective buyers registered per branch also increased to 88 in April 2024. It is worth noting that this is the highest number in the last 12 months. With supply to the market steadily increasing, accurate property pricing is even more critical.

The increase of transaction times in recent years, has been felt throughout the industry. Whilst some of these increases could be attributed to external influences (such as COVID), reduced workforce capacity and streamlined services, transactions times have continued to rise despite various initiatives and technologies promising to tackle the issue. 

In 2017, transaction times were approximately 10-13 weeks, but by 2022 they had risen to a staggering 22 weeks. Currently, average transaction times are now closer to 26 weeks, which highlights the fact that the problem is only getting worse. 

It has therefore never been more crucial to get pricing right to ensure that transactions are fast and certain. With it taking 62 days on average to find a buyer before the legal process can even begin, it’s worth remembering that properties which do require a price reduction take three times longer to sell than those that don’t. If that’s not an incentive to get your pricing right from day one, we don’t know what is. 

In a market where estate agents face rising costs and downward pressure on fees, cash is key and the ability to earn fees faster has a huge impact on an agent’s ability to grow and take advantage of a market that is starting to show signs of recovery. 

With auction transaction times of around 5-6 weeks on a consistent basis, auctions are providing a tried and tested solution to this issue. As auctions rely on the upfront preparation of legal documents and defined bidding time frames, transactions are able to complete much more quickly. This means that if an estate agent is instructed to sell by online auction on 1 January, they will receive their fee on 5 February. In contrast, if an estate agent has an offer agreed on a property as a private treaty sale on 1 January, they will have to wait until 1 July to receive payment of their fee. With stats like these, it’s easy to see why sale by auction is experiencing a resurgence. 

With buyer appetite increasing, more and more agents across the country are turning to the auction market as a catalyst for renewed growth, helping time sensitive sellers achieve the best possible prices for their properties in the shortest possible time frame. If you’re looking to reduce risk, lock in commitment and help eliminate sales falling through, get in touch with us today to speak to one of our experts.

Talk of housing shortages and the UK’s current ‘housing crisis’ is a topic that crops up regularly in the media, with discussions around new housing and homebuilding targets featuring prominently. With household budgets constantly being stretched by price increases for everyday essentials, it’s easy to understand why larger construction firms are currently building fewer houses. There’s little point investing in building new homes when people can’t afford to buy them. In the current financial climate, it’s clear there’s a severe lack of affordable housing and more needs to be done to address the situation.

With the average UK salary working out at around £35,000 a year and the average UK house price being approximately £290,000, buyers simply can’t afford to purchase houses at the prices being set in the market. Add to that the fact that studies have shown it will take almost 10 years for first time buyers to save for a deposit, and it’s easy to see why people are struggling to get on the property ladder. Barratt Developments reported a fall in the building of new homes recently, blaming the decrease on higher interest rates and inflation deterring potential buyers, clearly highlighting the difficulties purchasers currently face. 

It’s obvious that more needs to be done to address the shortage in affordable housing, but are the new Labour government going to be the ones to finally solve this issue? If history is anything to go by, they’ll certainly have their work cut out.

The government’s target of building 1.5 million new homes within the next five years is ambitious by any standards and, if the Labour government are to achieve this, they’ll need to make some radical and brave decisions sooner rather than later. Just over a year ago, Keir Starmer stated at the Labour party conference that a Labour government would ‘get Britain building again’ with a plan to ‘bulldoze through’ red tape. With his party now in government, he has certainly set himself a challenging target. 

Not since the 1960s have houses been built at such an ambitious rate and it’s worth remembering that, back then, the construction of new homes was generally carried out by local councils in the form of social housing. From the 1980s onwards, homebuilding has largely been left to the private sector, with social housing sold off as part of Right to Buy schemes.

In order to get on the property ladder, buyers may need to manage their expectations to better reflect their financial situations. For many, this could involve having to rethink their choice of location and buy in areas where property is more affordable. 

With a budget of £150,000, it’s possible to buy a two-bedroom apartment in Leicester, but if you work in London, you’ll be spending in excess of £200 a day on train fares, which is more than a little problematic. One solution could involve government subsided rail travel to enable those opting for cheaper housing further afield to commute to London, but whether this is a policy likely to be proposed remains to be seen. 

With working from home and the idea of flexible working becoming more commonplace, it’s now a viable option for first time buyers to get on the property ladder outside of London and commute in less frequently, whilst benefitting from a London job and salary. Perhaps this is an additional motivation behind introducing day one flexible working requests and, once the new employment act comes into force, I'm sure more and more listings on Rightmove will contain information about journey times into London.

The temptation to try and solve the shortage in affordable housing with binary solutions, as with many important issues these days, appears to be the favoured solution, when what’s really required is a comprehensive and holistic approach. The powers that be need to show a greater understanding of what kind of housing should be provided in the market and, crucially, who should be responsible for providing those homes.

The major criticism of the idea that local government should build housing directly is the distinct lack of expertise in place to do so, with this in mind, partnerships with local developers, such as those undertaken by Homes England, encouraging developers to join their delivery partner dynamic purchasing system (DPS), should be welcomed. 

Whatever steps the government decides to take towards tackling the affordable housing problem, it is clear that the issue requires a holistic and multifaceted approach if the target of 1.5 million homes within the next five years is to be met.

You can read more on Robin’s views in his latest article for 

If you’re an estate agent looking to unlock the benefits of online property auctions, take a look at our recent blog post 

 to speak to one of our property experts.

The Bamboo Auctions team discussing how their online auction software places the control of the auction in agents' hands.

If you haven’t thought about selling property via auction before, now might be the time to consider it as a serious option. In the current market, forward-thinking agents are using auctions as an alternative route to sale more frequently and here are five reasons why:

Sale by auction is a tried and tested way to sell property, backed by decades of sales history. Many estate agents in market towns across the UK come with the tagline ‘Estate Agents, Auctioneers and Valuers,’ a telling nod to the place auctions hold in the industry’s history. Despite the fact that, in more recent years, some agents have withdrawn the service from their repertoire, sale by auction is now making a comeback and it’s easy to see why. For more about how online property auctions work, see our recent blog post: 

In today’s market, which is known for its ever-increasing transaction times and lengthy delays, one of the key benefits of selling at auction is the way it speeds up the sales process. Sales at auction generally complete within 28-42 days, meaning buyers and sellers are no longer left frustrated and facing delays. With faster transaction times, agents can take their fee faster than through traditional treaty sales, meaning everyone involved has a quicker turnaround and less stress. In today’s climate, getting income in and having an injection of cash to the agency is key.

In the last six months, we have seen a steady increase in the supply of properties available to the market, with over 5,000 transactions now having sold through Bamboo’s platform. Over the last 12 months, we have seen a 50% increase in the number of properties being listed for online auction by agents. As the market in general is more robust, with strong offers from buyers on the up, it’s the perfect time for agents who have not yet introduced auctions to their service offering to start doing so. 

As well as faster transaction times, selling at auction provides more certainty over the sale, giving the seller more control over the whole process. There’s significantly less chance of a sale falling through after auction, which is often the case with a private treaty sale, if the buyer decides to change their mind or back out. Selling at auction means you’re dealing with multiple buyers, rather than just one, giving everyone the chance to bid. The auction process ensures there are set deadlines in place to make sure the transaction completes. Buyers using the Bamboo platform have completed their ID checks and already input their payment details prior to the auction starting, showing just how committed they are to the bidding process. As a result, when the auction closes, the winning buyer is instantly charged and the property can exchange online, with a legally binding commitment to complete within an agreed timeframe.

With the new Labour government, the market is now entering a period of greater economic certainty and we are seeing green shoots appearing as things start to rebalance. Our statistics reinforce this. We’ve seen growth year on year in the number of properties being listed for online auction by agents. In addition, the average price reduction required to sell has also reduced to just 9.5% of the original reserve price, as compared to almost 20% in May 2024. These figures highlight the fact that pricing is hardening and becoming more aligned with buyer expectations. 

More and more agents are now using auctions as an alternative route to sale and embracing Bamboo’s technology and expertise to manage the transaction. The platform provides the tools the agent needs to complete the auction, and Bamboo’s team of experts are on hand to help guide estate agents through the process.

The use of auctions, particularly online auctions, is gaining in popularity and providing both agents and vendors with a seamless way to navigate property transactions. To read more about how the auction process works, take a look at our recent article featured in The Negotiator. 

If you’re an estate agent ready to discover the power of online auctions, get in touch today to speak with one of our team of experts, we’d love to hear from you!

Bamboo Auctions, an online property auction marketplace that provides white labelled online auction technology to agents and auctioneers, has announced another exclusive partnership, this time with Bradleys Estate Agents.

Bradleys are the latest of a number of agents, who have switched to Bamboo from competing providers and their 30 branches will now use Bamboo Auctions’ technology to provide online auctions to its buyers and sellers.

A number of properties have already been listed online by Bradleys, with more instructions in the pipeline.

Bamboo have seen strong growth recently, having signed and launched exclusive partnerships with Hunters Estate Agents and Fisher German over the summer months.

A number of independent agents are also in the process of being integrated and launched, with more agents now on a waiting list.

Chris Baxter, MD of Bradleys Estate Agents, said

“Bradleys Estate Agents, who are the largest independent estate agency in the South West of England, are pleased to be partnering with Bamboo Auctions to offer an unrivalled online auction service to its private and corporate clients going forwards.

“Bamboo was chosen for its innovative and personalised approach to this sector of the property marketplace which has included an integral training and support service to all Bradleys sales staff. This has meant that from the first day of working with Bamboo, Bradleys Estate Agents have been able to hit the ground running, offering a number of exciting new property instructions to the marketplace.”

Robin Rathore, CEO of Bamboo Auctions said,

“Bradleys has a strong reputation for providing excellent customer service. We’re looking forward to working together to grow their online auction business by providing their negotiators with that same high level of customer service and support.

“More and more agents are introducing online auctions to their string of services as a way not just to win instructions, but also to sell properties with more certainty, transparency and efficiency. Our technology allows agents to run auctions in an exciting, cost efficient way, without interfering with the vendor relationship."

Prospective buyers can search, register and bid for properties online through Bamboo’s website (www.bambooauctions.com), as well as access each individual agent’s properties through their respective websites.

Agents who are interested in receiving a free white label of Bamboo’s technology can get in touch at hello@bambooauctions.com.

How Online Auction Platforms Can Help Prevent Fall Throughs.

0330 088 9659

hello@bambooauctions.com

Michael Graham partners with Bamboo Auctions

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Michael Graham partners with Bamboo Auctions

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0330 088 9659

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