WHEN IT COMES TO BUYING AT AUCTION YOU’VE GOT TO BE IN IT TO WIN IT!

I received a phone call recently from a lady called Sally. Sally is a first time buyer living in London. She is looking to buy a property, but can’t afford anything in London – and doesn’t foresee being able to anytime soon. But with money in her bank she is keen to get on the property market somewhere – even if it doesn’t mean actually living in the house herself. Hence the telephone call to me here up North.

So in brief, Sally is a first time buyer, looking for a buy-to-let investment in the North West. We spent some time together discussing various BTL models and different areas that would suit her budget and circumstances. And then she asked me an interesting question…

There has been plenty of talk about property prices increasing in light of the proposed stamp duty increase on 1st April. There is a lot of hype around the market at the moment with news that eager landlords are swamping the market desperate to buy property pre-April, and complete in time to save an extra 3% on Stamp Duty.

Given that Sally is a first time buyer, this new ruling won’t affect her and, therefore, she wanted to know if now was a good time for her to buy a property, or whether it would be more prudent to wait until after April? She’s in no rush after all.

So I’m going to address Sally’s question here:

First of all – don’t get too carried away with all the Stamp Duty talk. Yes, there has been an increase in the number of buyers coming to the market, but there has also been an increase in the number of sellers coming to auction to capitalise on this increase in demand. We have a client who recently put sixteen of his properties in our auction hoping to achieve higher sales prices before April. So whilst demand has increased, so too has supply and, therefore, prices aren’t “rocketing overnight” as reported elsewhere. As is often the case, the reality is not as dramatic as it may seem in the media.

So should Sally look at this auction to buy her first ever property?

Of course she should.

Her finances, whilst quite tight, are in place, and she has plenty of time to research my suggested areas and carry out all the relevant due diligence for the properties that meet her criteria. So why shouldn’t she?

Yes the auction room on 16th March might be hungrier than usual, and Sally will be bidding against more experienced buyers, but it wouldn’t be an auction without competition. And there is always going to be something in the news that could put you off buying. If it’s not Stamp Duty, it’ll be interest rates. Before that we had Home Information Packs – who remembers those? There will always be obstacles and there will always reasons why now isn’t the ideal time to buy. But if you see something that you’re looking for, if it fits your criteria and your budget and you do all your homework before the auction, then why wouldn’t you go for it?

Are you guaranteed to be successful on the auction day? No. But nor is the seasoned investor on the other side of the room who you’re bidding against. One thing’s for sure though…

You’ve got to be in it, to win it!

If, like Sally, you have lots of questions about buying a property at auction, get in touch.

@AndyT___

 

You May Also Enjoy

Breaking News

Energy Rules Without Power: Tenants and Landlords Both Question EPC Impact

New research from LRG reveals that both landlords and tenants are struggling to engage with the Energy Performance Certificate (EPC) system, raising serious questions about whether it can deliver on its intended goals ahead of the government’s 2030 targets. While landlords overwhelmingly support the principle of improving energy efficiency, confidence in the system designed to…
Read More
New Builds 2020
Breaking News

New Build Home Enquiries Double in Summer 2025 

From June to August 2025, Compare My Move’s conveyancing data shows a 120% increase in new build home purchase enquiries compared to the same period in 2024.  This surge reflects not only more people looking to buy homes overall but also a higher share of buyers choosing new builds. On average, 12% of purchase enquiries in…
Read More
Breaking News

Residential Performance Dives, Dragging Entire Sector Down

Glenigan Review sees UK construction recovery put on pause as private housebuilding activity plummets Project starts decline by 22% during the Review period, 36% down compared to 2024 levels Main contract awards value slashed by 33% year-on-year, representing a 24% decrease relative to the prior three-month period Planning approvals nosedived 48% against the previous three…
Read More
Letting Agent Talk

80% of maintenance calls happen out-of-hours

60% of landlords do not have out-of-hours management cover, despite 80% of maintenance calls coming out-of-hours The latest research by Adiuvo reveals the UK’s leading provider of 24/7 property management solutions, reveals that almost 60% of UK landlords do not have out-of-hours cover in place for maintenance, management, or emergencies. Adiuvo’s surveyed UK landlords* to…
Read More
Estate Agent Talk

Majority of agents don’t believe portal price hikes are justified with added value

New research from The Property DriveBuy reveals that the majority of UK estate agents think that the price hikes implemented by property portals such as Rightmove in recent years are unreasonably high, with most also believing they are unjustified when it comes to the value these portals have added to their proposition. The survey of…
Read More
Breaking News

Biggest property put-offs revealed by homebuyers

Biggest property put-offs could see homebuyers offer £40k less or more – From flying flags to aggressive dog breeds The latest research from Springbok Properties has revealed the biggest property put-offs that could see buyers offer as much as £40,000 less, if not more, leaving many sellers struggling to achieve their asking price in the…
Read More