Over 25,000 properties are sold in more than 1,000 property auctions every year in the UK. Auctions are a quick and decisive way of selling.
Auctions have a targeted audience made up of developers, cash buyers, investors and portfolio landlords who will have different requirements to prospective homeowners.
There are auction guides for both buyers and sellers on the internet, the information on this page is not supposed to replace them but give a few details to get you started.
Auctioneers publish a catalogue a few weeks before the auction, some properties may be removed before the auction and occasionally some properties are added. Those interested in bidding can visit the properties in advance and carry out a survey. Auctions are held at centrally located venues, often hotels. Anybody is free to attend.
Different auction houses attract different client groups; choosing the one most likely to be interested in your property is a good way to ensure a sale.
If you have never been to an auction before, then it is worth attending one to get a feel for the process and how they operate.
What does it cost?
The seller is charged a fee by the auctioneer, this covers a proportion of the costs of marketing the property and running the auction. This fee has to be paid even if the property does not sell. In addition, if the property is sold, the seller pays a commission to the auctioneer. Charges are similar to estate agents fees.
When the hammer falls at an auction, it establishes a binding contract between buyer and seller. The buyer usually pays 10% of the total sale price of the property before leaving the auction house and will normally have to pay the remainder within 28 days.
Links to some of the local auction houses are below; please note the Borough Council does not recommend any, the links are here to help only: