Residential Property Auction

Residential Property Auctions are an efficient and cost effective way of selling property. Through effective marketing and advertising, auctions can offer a high degree of certainty that a sale will be achieved on a given day and, more importantly, on the fall of the hammer an immediate binding contract is formed, with completion taking place within as little as 28 days.

Why Buy Residential Property at Auction

There are any number of reasons why people may be drawn to buying a house at auction in relation to residential properties. First and foremost would be a home to live in as a primary residence. This is ideal for people currently renting, who can potentially buy a home and have monthly mortgage payments that are actually less than the rent they are paying now. Another reason may be as an investment property, where the home would be purchased, fixed up if necessary, and then rented out for the cash flow and potential price appreciation. Alternatively, it may be purchased to "fix and flip" whereby the plan is to buy it well below market value (BMV), complete any necessary improvements quickly and cheaply, and flip it to a buyer at or near the market price. Whatever the reason a buyer looks to purchase through house auctions, the opportunities can be very rewarding. Those buying a home will find themselves able to target properties priced to sell rather than sit in estate agents windows for months on end.

NEVER buy a property that you have not seen, however tempting the price may seem. Some properties are sold at auction for what appears to be a fraction of their true value. There is nearly always a reason for this and so doing your homework on the property prior to the auction is essential! You can print off our property viewing checklist to help you remember some of the key questions that you will need to ask.

Residential Auctions

There are many different types of properties that sell well at auction, and if you are searching for a residential property, then there is always a good cross section to be found, including:

Properties for Improvement

Properties in need of updating make ideal auction lots and are always in great demand from refurbishment specialists and from private buyers, keen to undertake a project for their own occupation or for resale. They also appeal to buy to let investors who carry out the improvements then retain them as part of a property portfolio.

Tenanted Properties

Residential houses and flats with tenants in residence sell well at auction and are often popular lots. If you are already a landlord (or are thinking of starting your own property empire) and wish to expand your portfolio, then your local property auction could provide the answer. Vendors won't need to serve notice on their tenants, and rental income can continue to be received right up to completion. With interest rates set to remain low for the foreseeable future, residential investments yielding on average 7-8% remain a popular choice for investors seeking to achieve a sensible return on investment.

Residential Investments

Houses in multiple occupation (HMO properties) and blocks of flats are sold at auction as valuable investments. The property rental level can often determine the sale price, just as much as the building itself. Property portfolios are also appearing more frequently at auction, from owners who simply want to cash in and take advantage of the ease of selling and swift transaction that the auction room brings. It is not uncommon for the portfolio to be offered in the first instance, as one lot, and if failing to sell, being divided and offered individually.

Repossession Houses

The obvious attraction in repossessed houses and flats is the low reserve, reflected in the guide price. It’s low because although the lender has a duty to sell at the best price, time is money, and they will want to recoup their funds as quickly as possible. Which means that you can buy cheap houses and other properties at a UK property auction. It’s possible to pick up repossessed or distressed sale properties with up to 30% off the market price at residential auctions. For those willing to put the work in, both on research and repairs, these can represent some of the best buys on the market.

Find a Property

If you’re looking for residential property for sale at auction, then UK Auction List can help. Over 150 companies hold property auctions every year in the UK, though most auctions are only advertised around 3-4 weeks in advance. Our property search service provides details on these forthcoming auctions. The properties that we display in our database are supplied directly by the UK auction houses allowing us to provide house hunters and property investors with a comprehensive list of current properties for auction throughout the whole of the UK.

By registering with us, you will have full access to auction dates and venues, auctioneer contact information, and detailed catalogue entries for all the properties in our database. In addition, we supply street view and Google map locations for each of the lots, and access to local area information, including council tax rates, school tables, crime rates and photos.

Countrywide Property Auctions

UK Auction List covers countrywide property auctions, however you can use our property search tool to specifically find residential property auctions only. Simply tick the following search criteria boxes: “Houses”, “Residential” and “Flats/Maisonettes” to display all the residential property for auction in the UK that we have in our property database. Moreover, if you’re interested in a particular location, you can select the region or county using the map on our homepage or the search tool to the left.

Residential property auctions London

There are between 8-10 residential property auctions in London every six or seven weeks. The number of lots offered depends on the auction house however it can range from 20-30 to in excess of 100. Although the auction houses are located in London, it is common for their catalogues to feature property from throughout the UK.

Outside of London, the main six cities to hold regular property auctions are: Manchester, Birmingham, Glasgow, Liverpool, Newcastle and Kent.

Residential property auctions in Manchester and the North

There are a number of large commercial and residential property auctioneers in the North, each holding around six property auctions every year and providing excellent coverage across the North West, Yorkshire, North East, the Midlands and Wales.

Property auctions in Birmingham, Leeds, Liverpool, Newcastle and Manchester attract a high volume of residential and commercial properties. Glasgow is fast becoming the next auction capital, with over 200 properties for auction across Scotland every six weeks.

Residential property auctions in Kent and the South East

Property for auction in Kent, Essex, Surrey, Sussex, and the South of England in general has increased significantly, and it is not unusual for there to be a high number of lots in our database for these regions. If you specifically want to buy a property in the South East of England, there are a number of large and reputable auctioneers based there, in addition to the nationwide auctioneers.

Private Property Sales through Auction

If you are considering selling your property at auction then the residential property auction sale follows the same process as any other property type. Basically when you have made the decision to sell your property, you will need to decide when, and which auction house to use.

Our Guide for Selling Property at Auction will answer all your questions and help you to understand what is involved and how it works. Remember the entire process, from instruction to exchange of contracts, can be achieved within as little as six to eight weeks. Committed sellers who price their property well should see it sold and with the benefit of competitive bidding, may achieve higher than the reserve price!

Do you want to sell residential property through an auction? If you would like one of our expert property auctioneers to help you, simply call us on 0845 053 6906 or complete our property enquiry form to request a free property valuation We only work with the best performing auctioneers around the UK, who have been selected due to their ability to perform professional property valuations and sell properties quickly and efficiently. We also combine their expertise with that of many professional and independent property agents countrywide to maximise exposure of your property.

House Prices

Whether you want to buy or sell at a residential property auction you can normally expect the guide price to be around 80-85% of CMV (Current Market Value). You can also find great properties by looking at post-auction sales. A number of properties that go up for auction do not sell before or at the auction, so through some clever negotiation, you could land yourself a bargain.

Because buying at a residential property auction can be an intimidating experience, in addition to reading our Buying guide it is a good idea to attend an auction or two as an observer to familiarise yourself with the auction process. Also, take the time to find out what prices properties in the area have sold for, so you have a guide to the market value of the home you want.

Future Property Auctions

Register today to remain informed about upcoming and future property auctions in the UK. From just over 20 pence a day, you can have access to all forthcoming auction property details, auction date and venue information and full contact details to each of the auction houses in the UK. Check out the member benefits and register today!

Residential Property Auctions

If you still have any questions about residential property auctions contact us today and we’ll be happy to help!