10 Reasons to Purchase Property at Auctions

Tips when buying at property auctions

I visited many property auctions going back around 15 years ago. There was a time that every month through the post I would regularly receive property auction catalogues and I was always excited to see the listings close to where I lived and be tempted in by the low guide prices! Most times the guide price, though a good % below the average price for the property, would sell for more.

Property auctions were really trending thanks to television shows such as Homes Under the Hammer, Grand Designs and Location, Location, Location. During the 2,000’s and on to 2010’s these shows pulled in millions of viewers and will have helped countless people purchase homes via auction. Many an afternoon, I’m sure many of our readers too, will have been spent with a cup of tea and biscuits whilst watching a couple on television purchase their dream home at auction and tackle the renovation – It was always all about how much they paid in full and what it was worth in the end, right!?

What type of property are sold at auctions?

It was very much regarded that property at auction were those to do up or those with problems, the stock that could not sell at the estate agency and instead needed motivated cash buyers / specialists. Also, those property which were repossession thus in control of banks looking to sell quickly to release capital would regularly be seen as lots in auction catalogues.

To be honest you can find any and all property at auctions. This means from homes that are ready to move in to, maybe the vendor wants a quick sale, through to land with planning permission.

Why purchase at a property auction?

  1. You are likely to make a purchase below market value.
  2. You can still carry out our own surveys / viewing / checks prior to bidding at auction.
  3. You can find all property types from renovations to new builds including building plots, agricultural land, commercial property and more.
  4. You will acquire ownership faster (usually within 30 to 60 days).
  5. You will find property that might not be listed with estate agencies / property portal websites.
  6. Legal paperwork is mostly done upfront for the potential buyer, prior to bidding, to view saving time.
  7. The price you get the property for is the price you will pay (commissions depending to auction agent). No chance to be gazumped.
  8. You don’t have to be a cash buyer only as lenders will also provide finance for auction purchases.
  9. Property auctions are frequent and over most parts of the UK and there are many property sold this way so you have plenty of choice.
  10. You can also make pre-auction offers and purchase prior to the auction running.

 

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Breaking News

New analysis shows majority of estate agents complete HMRC AML registration

Just 5% of branches still need to register More than 24,000 UK estate agency branches have registered with HMRC for money laundering supervision – an increase of around 2,300 branches in just over a year, according to new analysis from client due diligence platform Thirdfort. Some 24,003 estate agent branches across the UK have registered…
Read More
Breaking News

Gen Z could wait until 2044 to buy a home

Getting on the property ladder has never been tougher, and, for Gen Z, it could take up to 18 years to save a deposit in the UK’s least affordable cities, according to new research from Beswicks Legal, comparing 40 urban centres. The figures reveal that in places like Cambridge and London, Gen Z buyers may…
Read More
Breaking News

Pressure on landlords takes shine off BTL rate cuts

Buy-to-let fixed rates dipped to their lowest points since September 2022, and choice rose to a record high, according to Moneyfactscompare.co.uk. However, landlords are facing financial challenges, and rumours of more tax reforms in the Budget could hit investors hard. •    Average buy-to-let fixed rates over two- or five-year have dipped to their lowest…
Read More
Letting Agent Talk

Three steps to pet-proof your property ahead of new pet laws

Landlords across the UK are set for one of the biggest shifts in rental regulation in years as the Renters’ Rights Bill edges closer to becoming law. While the bill aims to give tenants a greater right to keep a pet, a new analysis highlights the stark reality of demand versus supply: with a dog…
Read More
Estate Agent Talk

Budget-Friendly Ways to Boost Property Appeal

Upgrading a property’s appearance doesn’t always require a hefty budget. One of the most impactful yet affordable changes involves refreshing tired flooring, an element that potential buyers and tenants notice immediately upon entering a property. Carpet remnants have become a smart solution for cost-conscious property owners looking to make meaningful improvements, as they offer the…
Read More
Breaking News

Naked tenants, basement brothels and maggot rain

When a company specialises in 24/7 property management support, it’s got to be ready to handle pretty much anything, as can be attested to by Adiuvo, whose managers have, on more than one occasion, received tenant requests that have caused them to pause and say, wait, what? Adiuvo has now pulled back the curtain on…
Read More