Buying property at auction

Buying a house at auction

Buying at a property auction requires careful planning. If you are successful the reward can be a dream house at an affordable price. Thousands of properties are sold at auction in the UK every year – many are BMV (below market value). But unless you do careful groundwork, that promising auction bargain could turn out to be costly under-the-hammer. Auction houses also focus on unusual, hard-to-value premises such as churches and village halls. Pockets of land and commercial lots with potential for change to residential use and properties in need of renovation and repossession properties are also often sold though auction.

UK Auction List is here to help you get started on that journey and help you find that bargain property or amazing investment to start or to add to your property portfolio. Prior to buying a property it is important that you view it, before you bid at auction.  Our viewing checklist can help you to remember all the relevant questions that you will need to ask. 

Auction properties

The main advantage of auctions is that they often ensure a quick and efficient sale; normally completion is within 28 days (20 working days). For this reason, auctions are a preferred method of sale for repossessions, properties proving difficult to sell or have been on the market for a long time (through an estate agent) and those with development potential.

New home at auction - First time buyers

As well as those properties one might expect to appear at auction, more recently there has also been an upsurge in residential properties, not necessarily requiring renovation or development, as vendors turn to auctions to achieve a faster and more efficient sale of their home. 

Buy property at auction quickly

Local authorities, mortgage lenders and housing associations may also have a considerable number of properties that they need to sell quickly. It can be financially beneficial for them to request a property appraisal and if the price is right sell at auction, recovering their money without the drawn out processes and higher costs of an estate agent.

Auction buy to let property - investment property

Interest in property development and investment has increased quite significantly over the past couple of years and the number of people using auctions to buy property has subsequently risen. Such competition inevitably means auction sales can often achieve higher prices than private sales.

Property auction locations

As a member of UK Auction List, you will have access to details of forthcoming land, development site, residential and commercial property auctions taking place throughout the UK. The auction house contact information, for every property in our database, can be found within our member’s area so that you can visit the auctioneer's website or contact them directly for further details on any property that takes your interest. They should be able to provide you with everything you need to know about their upcoming auction.