Can I Sell My House at Auction Right Now?

Yes, you can sell your house at auction right now. Despite a slower wider housing market, the UK property auction market remains active, with buyers continuing to look for realistically priced properties and investment opportunities.

Auction can be particularly attractive when speed and certainty are more important than waiting for a buyer through the traditional open market.

What Can You Expect at Auction?

Auction buyers are often cash buyers, investors and developers looking for properties with potential. Pricing is important, as buyers will generally be looking for enough margin to make the purchase worthwhile.

Properties sold at auction can sometimes achieve around 85% to 90% of their open-market value, although this varies considerably depending on the property, location, condition and level of competition between bidders.

The trade-off can be greater certainty and a much quicker sale.

With a traditional property auction, once the gavel falls and the reserve price has been met, the sale becomes legally binding. The buyer normally pays a 10% deposit, with completion typically taking place within 28 days.

What Properties Work Well at Auction?

Auction can be particularly suitable for:

• Properties requiring substantial refurbishment or modernisation

• Properties with development potential

• Non-standard or difficult-to-mortgage properties

• Properties with structural issues, short leases or complicated titles

• Probate properties

• Properties where a quick and certain sale is important

• Land and investment properties

Standard residential homes can also be sold successfully at auction, particularly when they are realistically priced and there is strong local demand.

Is Auction Right for Your Property?

Auction isn’t only for run-down or unusual properties. For some sellers, the biggest advantage is knowing that once the property sells, the buyer is committed and there is no traditional property chain to worry about.

Thinking about selling?

Contact PAA today for a free property valuation and find out whether traditional auction could be the right route for your property.