Online property firm eyes growth after record results

An online residential auctioneer says it has laid foundations for further growth after chalking up record revenues.

Iamproperty saw income rise 18.3 per cent to £51 million in its 2024 financial year, with adjusted earnings before interest, tax, depreciation and amortisation 22 per cent better off at £15.1 million.

And bosses say it is primed to maintain its momentum as new software launches augment growing demand.

The Newcastle-headquartered firm’s progress was spearheaded by its online residential property auction business, known as iamsold, which recorded £13.9 million pre-tax profit on the back of revenues rising 20.4 per cent to £41.4 million.

Auction deals increased from 17,337 to 20,148, while its software division – which offers CRM and marketing services to estate agents nationally – grew 45 per cent to £4.5 million.

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

“Our ambition is to create one central, integrated digital platform, providing a comprehensive ecosystem of solutions to help estate agents win increased market share, unlock value and bring speed and security to every transaction. 

“With the Government having announced a range of plans to modernise the homebuying and selling process to save people time, our solutions are already helping thousands of estate agents.

“We look forward to building on our successes in the year ahead.”

The business is backed by investor Perwyn.

Gurinder Sunner, Perwyn partner, said: “These results demonstrate iamproperty’s strategy and the great strides being made by the team as they build a platform of scale and deliver on plans to lead the sector. 

“The opportunity ahead is significant, and we look forward to supporting the company as it moves closer to achieving its ambitious growth objectives.” 

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