Want to buy a home at auction? Here’s everything you need to know about the process and top tips for being the winning bidder.
Auction homes for sale
Looking to buy a property at auction? We have thousands of homes available, whether you're looking for a house, flat or even some land to build your own property on.
Homes for sale by auction tend to be sold more cheaply than on the traditional market and are a great place to find a renovation property.
Ready to look at homes under the hammer? Let's get started.
Buy a home at auction
Looking for a property for sale by auction? Buying a home at an auction in the UK can often mean paying 10-15% less than you otherwise might.
Auction homes often include repossessed houses and flats, alongside homes in need of renovation. They can be great homes to invest in and put your stamp on.
Or, if you're looking to build your own home from scratch, there are also land auctions, where you can snap up a good plot.
Ready to look at homes under the hammer? Discover auction houses near you.
Discover more about auctions
Interested in buying or selling a house at auction? We've got some info on that.
Too good to be true? Not so. If you're after a renovation project, investment opportunity , we've got 10 properties for sale for £10,000 or less.
Thinking of putting your home under the hammer? Selling your house at auction could help you shift it quickly. Let’s take a look at how auctions work, the pros and cons, and if it could be right for you.
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Our experts answer your questions
How do house auctions work?
When a house goes up for sale by auction, it’ll be listed online by either an estate agent or an auction house.
Auction properties are usually online for about a month before the auction. This gives time for interested buyers to view it and decide if they want to bid.
In a traditional auction, there is a set auction day and time. The auctioneer will invite interested buyers to bid in quick succession.
In a modern auction, you can submit bids online up until a final time and date.
In both cases, the seller will set a reserve price. This is the lowest amount of money they would accept to sell.
The highest bidder over the reserve price gets the property and will need to pay a deposit or a reservation fee on the day of the auction.
Why do people choose to sell by auction?
The speed and ease of a sale are the main benefits for sellers at auctions. You can have a legally binding sale within a few weeks or a couple of months.
The seller might want to sell the house quickly because they have inherited it or have no use for it anymore.
Other sellers choose an auction if they don’t want to fix issues with a property. It might need lots of refurbishment work or some structural improvements.
There are fixed timeframes once the house has been sold at auction. This means that the sale progresses smoothly and quickly, with less need for communication between different parties.
How to prepare for a house auction
View the property (and think about taking an expert with you)
Get your finances sorted: if you're buying with a mortgage, have an agreement in principle ready
Research similar properties so you know what a fair price would be
Ask a solicitor to study the small print
Don't be too guided by the guide price: it is just a guide - and properties can often sell for much more
How to succeed at a property auction
1. Have your paperwork ready: including photographic ID, proof of residency and your mortgage agreement in principle lined up
2. Stick to your bidding plan and budget. Be ready to walk away if the price gets too high
3. Don't lose heart if you miss out, it's better not to blow your budget and auctions happen all year round, so another property will soon come up