Auction Property – How It Works
Why Auction?
Buying or selling via auction offers a transparent, structured route: once a bid is accepted, the sale becomes legally binding, helping you avoid long-drawn negotiations or uncertainty.
For Buyers — What to Know
- You can bid in person, by phone, by proxy or online.
- If your bid is successful, you will be required to pay the deposit or reservation fee depending on the type of lot.
- Once the bid is accepted, the sale becomes legally binding.
- Completion usually takes place within 28 days, so you’ll need to have your finances and conveyancing ready in advance.
- It’s important to review the legal pack, check the property details carefully, and view the property where possible before bidding.
- You should also check whether the property is mortgageable, as some auction properties may require cash or specialist finance.
For Sellers — Why Auction Can Work Well
- Auction can be a fast and effective route to selling, especially if you want certainty over timescales.
- You will agree a reserve price with the auction house — your property will not sell for less than this figure.
- The buyer pays the associated auction fees, which often means no upfront cost for you as the seller.
- Auctions can attract motivated buyers and competitive bidding, helping drive a strong result.
Ready to Explore Auctions?
Whether you’re buying or selling, auction can be a fast, transparent and secure way to move forward.
If you’d like to learn more about the process or view live and upcoming auction lots, you can find full information below.