Sell My House Fast
How It Works

Best online house auction websites in the UK 2024

Best online auctions header

With over 3,000 auction houses operating in the UK property market, choosing the right one can feel overwhelming. Whether you’re a seasoned investor, or a first-time seller, understanding the landscape of house auctions is so important to make informed decisions. 

This article will discuss some of the top auction houses in the UK. providing insights into their reputations, fees, property types and auction formats. 

We’ll explore established players like Allsop and Auction House, alongside estate agency giants like Countrywide and Hunters, who have expanded their services to include house auctions.

Sell your house in as little as 7 days

What is a property auction website?

Most modern property auctions maintain a website for information and marketing purposes, online property auctions take it a step further. They exclusively hold their auctions online, allowing users to both sell and bid on properties remotely, regardless of their location within the UK.

Online house auction websites have many advantages:

Wider reach

  • Property auction websites reach a larger audience compared to traditional in-person auctions, increasing the chances of attracting interested buyers, especially for properties that have struggled to sell through conventional methods like on the open market.

Convenience and accessibility

  • Buyers and sellers can participate from anywhere with an internet connection, eliminating the need for travel and physical attendance at an auction venue.

Transparent process

  • The bidding process is often transparent and easily trackable online, allowing participants to monitor bids in real-time and make informed decisions. 

While the format differs, the core principles of online auctions mirror traditional ones. Properties are listed, potential buyers place bids, and the highest bid above the reserve price secures the property. 

However, the online environment offers additional benefits like extended bidding windows, detailed property information and often a more streamlined and efficient process.

Want to sell your house at auction?

We can help!

Are online home auctions legit?

Yes, online home auctions can be legitimate and offer a convenient way to buy and sell property. However, it’s important to distinguish between the two main types and be aware of potential risks to ensure a safe and successful experience. 

Traditional online auctions closely mirror in-person auctions, with contracts exchanged immediately upon the fall of the gavel. They are well-regulated, often following the guidance of the Royal Institute of Chartered Surveyors (RICS), and usually involve a commission for the seller and a small administration fee for the buyer. This model has a proven track record and offers transparency and security. 

The Modern Method of Auctions (MMoA) is a newer model that doesn't involve immediate contract exchanges. Instead, the buyer pays a non-refundable reservation fee to secure the property while arranging financing and due diligence. 

While potentially appealing for buyers needing more time, this method has faced criticism for high reservation fees, potential conflicts of interest between estate agents and platforms, and issues with non-refundable fees if the sale falls through due to seller-related issues. 

Online home auction regulations

All UK auction houses must be members of NAEA Propertymark, a regulatory body upholding high professional standards. They are also subject to government-led regulations and must adhere to the Consumer Protection Regulations. 

Many auction houses also belong to additional trade bodies like The Property Ombudsman (TPO) and comply with Trading Standards, Anti-Money Laundering Regulations and the Information Commissioner's Office (ICO) guidelines.

Furthermore, they must adhere to broader e-commerce regulations like the Electronic Commerce (EC Directive) Regulations 2022, which mandates transparency in terms of use, user account policies and trading procedures. 

Choosing a reputable online home auction

To ensure a legitimate and positive experience, research and choose a reputable online home auction that adheres to these regulations, with transparent fees, clear terms and conditions and a good track record, as well as:

  • Fees: Compare reservation fees and other charges between platforms.

  • Contract terms: Understand the conditions regarding refunds and dispute resolution. 

  • Seller information: Verify the accuracy and completeness of property information provided.

  • Regulation: Check if the platform is a member of relevant regulatory bodies like NAEA Propertymark, NAPB and TPO. 

We would always recommend that you consult a solicitor specialising in property law, especially for Modern Method auctions. They can help you understand your rights and obligations, review contracts and protect your interests throughout the process.

We are one of the UK's most trusted cash buyers, and our auction is the same

What to look out for when selling through an auction website?

Before entrusting your home to an online auction website, it’s imperative to verify its legitimacy and reliability. A proven track record and extensive experience in the industry are also strong indicators of trustworthiness. 

Start by scrutinising customer reviews on platforms like Trustpilot or Google, and look for logos from recognised regulatory bodies such as the NAPB (National Association of Property Buyers), the NAEA Propertymark (National Association of Estate Agents), or TPO (The Property Ombudsman).

Additionally, don’t hesitate to investigate the company’s financial stability by checking their Companies House registration ID. Taking these precautionary steps ensures your property is in safe hands and the auction process will be transparent and secure. 

Is it risky selling a house at auction?

While selling a house at auction can be a fast and efficient method, it does come with certain risks:

Bidding risks

Setting the reserve price can be a gamble. A low guide price might attract more bidders, but could also result in you selling your property for less than you hoped (if it reaches above your reserve price). A higher guide price offers security but might deter some buyers. Finding the right balance is crucial. 

The competitive nature of auctions can deter some buyers who prefer the more traditional negotiation process. Additionally, securing a mortgage for auction properties can be challenging due to tight deadlines, potentially limiting your pool of potential buyers.

There’s always the risk that your property won’t sell if birds don’t meet the reserve price. While auctioneers may try to facilitate post-auction offers, there’s no guarantee you’ll receive an acceptable offer and relisting could incur additional costs. 

Financial risks

Unlike a traditional sale with a fixed price, auctions introduce an element of uncertainty regarding the final sale price. This can make financial planning more difficult, especially if you have specific financial goals in mind.

While auction fees can be lower than estate agent commissions, they are still a factor to consider. If your property doesn’t sell, you might still be liable for some fees, adding to the financial burden. 

What are the pitfalls of selling a house at auction?

While house auctions are often seen as a reliable way to ensure a sale, even when other methods have failed, several pitfalls can lead to unsuccessful outcomes for sellers. Here are some common mistakes to avoid:

Unrealistic expectations

Some sellers set their reserve price too high, based on emotional attachment or outdated market values which can deter potential buyers and result in the property not selling.

Many sellers also underestimate the costs associated with house auctions, including solicitor’s fees, auctioneer’s fees and potential unsold property fees, which further adds to financial surprise and disappointment.

Insufficient preparation

Failing to gather all necessary documentation, such as title deeds and energy performance certificates, can delay the process and deter potential buyers.

Some sellers enter auctions without fully understanding the legal implications, bidding process, and potential risks. This can lead to poor decision-making and unsatisfactory outcomes.

Lack of marketing

While auction houses handle marketing, some sellers rely solely on them and miss opportunities to promote their property through other channels like local Facebook groups.

Furthermore, a poorly presented property can significantly impact its perceived value. Sellers should invest in cleaning, minor repairs and staging to make the property more attractive to potential buyers.

Do I need a solicitor when selling at an auction house?

You do need a solicitor or conveyancer when selling a house at an auction house. While the auction house itself may offer some legal assistance, it’s important to have independent legal representation to protect your interests throughout the process. 

Your solicitor will prepare the legal pack, a comprehensive document containing all the legal information about your property. This pack is important for potential buyers to conduct their due diligence and make informed decisions. 

The solicitor will also advise you on the auction contract, ensuring it protects your interests and reflects the agreed-upon terms of the sale. They can also negotiate with the buyer’s solicitor on your behalf regarding any specific conditions or requests.

Selling property involves numerous legal obligations. Your solicitor will ensure all necessary documents are prepared correctly, and that the transaction complies with relevant laws and regulations.

A solicitor can act as your advocate throughout the process, ensuring you receive fair treatment and addressing any legal issues that may arise.

While some auction houses might offer basic legal assistance, it’s important to have a solicitor who is solely dedicated to representing your interests. They can provide expert advice, negotiate on your behalf, and ensure a smooth and legally compliant transaction.

we will cover your solicitor fees when you sell with us

What to look out for when buying through an auction website?

Before you delve into the exciting world of online house auctions, it’s crucial to assess the legitimacy and reliability of the website you choose. Look for trust indicators such as customer reviews on Trustpilot or Google, logos from recognised regulatory bodies like the NAPB or TPO and a track record of experience in the industry.

Don’t forget to verify the company’s financial standing through their Companies House registration ID. Remember, thorough research and due diligence can protect your investment and ensure a safe and successful auction experience.

With a trustworthy auction house secured, you can confidently explore potential bargains and unique properties that await, while remaining mindful of the risks involved in property auctions, which we will discuss below.

Is it risky buying a house at auction?

Property auctions offer attractive opportunities for buyers, but it’s important to be aware of the risks involved - and there are a few…

Property risks

House auctions attract two main types of properties; normal properties and problem properties. Normal properties are standard houses with no significant issues, where the owner has simply chosen the auction route for convenience. Problem properties however,  are houses which have existing issues that have hindered their sale on the open market.

While problem properties can present challenges, they also offer significant potential for profit. By purchasing a property at a reduced price and investing in repairs, you can capitalise on the price difference.

However, success with problem properties hinges on two important factors:

  • Accurate valuation: You need to assess the property’s value accurately, considering its existing defects.

  • Resources for repairs: Ensure you have the time, money and expertise to address any necessary repairs. 

Legal risks

Apart from the property itself, legal complications can arise, adding to the risk of buying at auction. In traditional sales, conveyancing is done after agreeing on a price, allowing buyers to withdraw if issues are found. However, in house auctions, legal due diligence occurs before bidding, and there’s no backing out after the hammer falls. 

Sellers provide a legal pack containing all legal information about the property. To mitigate legal risks, have a solicitor review the auction legal pack to identify potential issues like title defects, enforcement notices, easements or covenants. 

Financial risks

Securing financing for an auction purchase presents its own set of risks including:

  • Cash availability: Ensure your funds are readily accessible, as some savings accounts have lengthy withdrawal notice periods.

  • Lender approval: Conventional lenders might not process your application in time, leaving you in breach of contract if you win the auction. 

  • Loan refusal: Mortgage lenders can reject loan applications based on various factors, including your financial situation or the property itself.

Consider using specialist auction finance (similar to bridging loans) to overcome these challenges. These lenders often have a higher risk tolerance and can work within shorter deadlines. However, auction finance comes with its own downsides, including higher interest rates, personal liability and the need for a clear exit plan.

What are the pitfalls of buying a house at auction?

The excitement and competitive nature of auctions can easily trigger emotional bidding, leading to overspending and regret. To ensure you have a successful house auction experience, follow these tips:

Not preparing for the auction

As you will be online, you will need to make sure you have registered your account with the online auction - do this before the day as you will need to verify your ID and essential documents (proof of residence and Agreement in Principle (AIP) if you’re using a mortgage). Cash buyers will need to have proof of funds for the 10% deposit. 

Next, you need to calculate your budget and determine your maximum bid beforehand and stick to it. This will help you avoid impulsive decisions driven by the auction atmosphere.

Getting lost in the competitive spirit

During the auction you should keep your maximum bid at the forefront of your mind and avoid getting caught up in the bidding frenzy. If the bidding exceeds your limit, don’t hesitate to drop out. There will be other properties that align with your budget and requirements. 

Don’t let emotions dictate your decisions. Analyse the bids objectively and make informed choices based on your predetermined strategy. 

If you’re working with a tight budget, aim to stay at the lower end of the bidding range. To strategically surpass the seller’s reserve price, keep in mind that it’s usually set within 10% of the guide price.

In most cases, the reserve price for standard properties will be slightly below the guide price, while problem properties might have a reserve price slightly above. This knowledge can help you formulate a competitive bid that aligns with your budget while still meeting the seller’s minimum expectations.

Giving up

If you missed out on a property, remember that it’s better to walk away than overspend. Stay positive and focus on finding a property that meets your needs and budget. Analyse the auction results and assess your bidding strategy. This can help you refine your approach for future auctions.

Do I need a solicitor when buying a house at auction?

It is highly recommended to engage a solicitor when buying a house at auction, even more so than when buying through a traditional estate agent. This is because the legal due diligence process is completed before you bid, meaning you’re legally committed to buying the property once the hammer falls.

The seller’s solicitor prepares a legal pack containing crucial information about the property’s legal status. A solicitor can review this pack, identify potential issues (like title defects, easements or covenants) and advise you on the risks involved. 

A solicitor can ensure your interests are protected throughout the auction process, negotiating terms and conditions and ensuring a smooth property transaction. 

Buying a house at auction without legal advice can lead to expensive problems down the line like undiscovered Title defects, unknown encumbrances, outstanding debts secured against the property, contractual defects and the list goes on. A solicitor can help you avoid unforeseen legal complications and financial losses. 

While you might be tempted to skip hiring a solicitor to save money, it’s important to remember that a few hundred pounds spent on legal advice could potentially save you thousands later on. Most solicitors will even deduct the cost of the pre-auction report from the final bill if you win the bid.

We can help you buy or sell at auction

Are there any fees when selling house through auction?

Selling a house through auction can come with substantial fees, potentially higher than estate agent fees, impacting your net proceeds:

  • Solicitors fees: These cover the preparation of the legal pack, handling the conveyancing process and ensuring the transaction complies with legal requirements. Costs can easily reach £1,200+VAT.

  • Auctioneer’s fees: These fees typically range from 2% to 5% of the final sale price +VAT, covering marketing, auction listing and administrative expenses. For a £200,000 property, this could mean a fee of £4,000 to £10,000+VAT. 

In this scenario, the combined solicitor and auctioneer fees could reach £5,200 to £11,200 +VAT, a significant portion of your potential profit. 

Keep in mind that even if your house doesn’t sell, you might still be liable for some or all of the auction fees, in addition to the solicitor’s fees. This can be a substantial financial risk. 

Fortunately, a new wave of modern auction houses is emerging, offering a more seller-friendly approach. These innovative platforms, like our very own The Property Auction Company, eliminate auctioneer fees for sellers and even cover your legal expenses. This means you can sell your property without worrying about hefty commissions or unexpected cots, maximising your net proceeds and simplifying the selling process. 

Alternatively, you could consider selling your house directly to us! We are a sell house fast selling company that can buy your house in as little as 7 days, pay your solicitor fees and achieve similar results to what you would get with an auction house. Whichever route you decide, we can help you sell your house in record time.

We can help sell your house fast

... in as little as 7 days!

How do online house auctions work?

The growing popularity of online property auctions offers homeowners a streamlined and efficient alternative to traditional sales methods. By understanding the process and its advantages, you can use this platform to sell your house quickly and successfully.

Before the auction (3 to 4 weeks)

Before you even think about putting your house on an auction, you will need to select a reputable auction house and conveyancing solicitor with expertise in your property type and location. 

Using the assistance of your solicitor, you will also need to gather all the necessary documentation to form a legal pack for potential buyers. This should include:

  • Special Condition of Sale

  • Title Register and Plan

  • Proof of ownership

  • Energy Performance Certificate

  • Information on leases (if applicable)

  • Property searches

  • Gas and Electrical Safety Certificates

  • Documents related to Planning Permission

Once you have gathered all the necessary documents for the auction legal pack, you can work with the auction house to set a realistic reserve price. The documents for the legal pack will provide you, your solicitor, and the auction house a very detailed overview of your house, and how it compares legally to other properties in your area.

Once you are able to set a reserve price, the auction house will be able to start marketing your property, which should include organising professional photographs, floor plans and putting your property on property portals like Rightmove and Zoopla. 

While most of the marketing will be conducted by the auction house, it’s important that you stay in good communication with them, and encourage them to carry out early listings. As this should help build momentum. 

Some online auctions may organise house viewings, but most will bypass this stage as the buyers are located across the country. The potential buyers will however be given the auction legal pack on request.

Auction day

On auction day, the house auction is conducted online, with buyers bidding in real time. Each property will be auctioned individually, usually lasting 3 to 5 minutes. 

The highest bidder that exceeds the reserve price wins the property. They will pay a non-refundable 10% deposit and exchange contracts, making the sale legally binding. 

After the auction (3-4 weeks)

After the auction, the sale is now legally binding and so must go through. It is normally finalised within 28 days, but the completion date can be adjusted to accommodate the needs of both parties.

What happens when my house is sold at auction?

Once the hammer falls at a house auction, the conveyancing process begins, culminating in the completion of the sale. Unlike traditional property sales, contracts are exchanged immediately after the auction, making the sale legally binding. The winning bidder usually pays a 10% non-refundable deposit.

Both the buyer’s and seller’s solicitors start the conveyancing process, which involves the buyer’s solicitor conducting various searches to check for issues like planning permissions, environmental concerns and potential disputes.

The seller’s solicitor provides evidence of ownership during a Title investigation and confirms there are no outstanding charges or restrictions on the property. Then, the transfer deeds (legal document transferring ownership) is drafted.

If the buyer is using a mortgage, their solicitor works with the mortgage lender to finalise the loan agreement. 

Typically, completion occurs within 56 days of the auction (only applicable to Modern Method of Auctions). However, this time frame can be agreed upon by both parties beforehand. On completion day, the remaining balance of the purchase price is transferred from the buyer to the seller.

The seller then hands over the keys to the buyer, officially transferring ownership of the property. The transfer of ownership is registered with the Land Registry. 

Some considerations when selling a house at auction:

  • Tighter timeframes: Conveyancing for auction properties often happens under tighter deadlines compared to traditional sales. It’s crucial to have a solicitor experienced in auction transactions to ensure a smooth and timely process.

  • Limited remedies: Due to the legally binding nature of the contract exchange, buyers have limited options to withdraw after the auction. 

Once completion occurs, the buyer takes full ownership of the property and can begin making any desired changes or renovations. The seller receives the full payment for the property and can move onto their next venture. 

How quickly do I get my money when I sell my house at auction?

The timeframe for receiving your money after selling your house at auction depends on the auction type:

Traditional Auction

In a traditional auction, the completion period is usually 28 days after the auction date. This allows for legal and financial matters to be finalised, after which the remaining balance of the purchase price is transferred to you.

Modern Method of Auction (Online Auction)

This type of auction typically has a longer completion period of 56 days. The extended timeframe aims to accommodate buyers who require more time to secure financing, such as those applying for mortgages. In most cases, you can expect to receive your payment within 4 to 8 weeks after the online auction. 

Regardless of the auction type, it’s important to confirm the specific completion timeframe with the auction house before listing your property. This will help you plan your finances accordingly and avoid any surprises or delays.

want to sell your house at auction for free? We can help

What are the top 5 best property auction houses?

The UK property auction market offers a potentially lucrative avenue for both buyers and sellers. With a variety of auction houses and methods available, it’s essential to understand the landscape to make informed decisions. 

From established auction houses like Allsop and Auction House, renowned for their extensive portfolios and diverse auction formats, to estate agency giants like Countrywide and Hunters, who leverage partnerships to offer properties through the Modern Method of Auction, each entity brings distinct advantages to the table.

RankProperty AuctionTrustpilot Reviews (/5)Fees
1.Allsop22% +VAT
2.Auction House4.82% +VAT
3.Barnard Marcus3.10%
5.Hunters2.51.75% +VAT

What are the top 5 best property auction houses?

The UK property auction market offers a potentially lucrative avenue for both buyers and sellers. With a variety of auction houses and methods available, it’s essential to understand the landscape to make informed decisions. 

From established auction houses like Allsop and Auction House, renowned for their extensive portfolios and diverse auction formats, to estate agency giants like Countrywide and Hunters, who leverage partnerships to offer properties through the Modern Method of Auction, each entity brings distinct advantages to the table.

Our auction branch can help you sell this month!

& we will cover all your fees!

What are the best property auction sites in the UK?

With over 3,000 auction houses operating across the property industry in the UK, it can be hard to find the best one for you. Below we take a look at some of the best house auction sites on the market:

Auction HouseProperty TypesAuction FormatFeatures
AllsopCommercial, Residential Traditional, OnlineWide range of properties, asset management services
Auction HouseCommercial, Residential Traditional, Online (eBay style)Largest UK auctioneer, extensive network of regional auction rooms
Barnard MarcusResidentialModern Method of Auction (partnered)Focus on residential sales and lettings, longer completion periods
CountrywideResidentialModern Method of Auction (partnered with Iamsold)Large estate agency group, properties listed on website and Rightmove
HuntersResidentialModern Method of Auction (partnered)Large estate agency network, properties listed on website and partner auction house platforms.
SavillsCommercial, Residential, High Value PropertiesTraditional, Remote BiddingGlobal real estate services provider, expertise in high-value properties
SDL AuctionsCommercial, Residential, LandTraditional, OnlineOne of the largest UK auctioneers, diverse portfolio, additional services like property management
The Property Auction CompanyResidentialOnline, Live BiddingFocus on residential properties, support services for sellers, including legal advice.

Allsop Auction House

Allsop, primarily known for commercial property auctions but also offers a significant residential property auction portfolio. They carry out frequent auctions, both residential and commercial every year and operate an online bidding platform. 

They have a wide range of properties available, from vacant, investment properties, land, development opportunities and much more.

They also offer asset management, investment and funding advice.

Auction House

As the UK’s foremost property auctioneer, Auction House facilitates the sale of more properties than any other provider, operating an extensive network of auction rooms nationwide.

Complementing our physical presence, we conduct regular national online auctions, offering eBay-style bidding for the convenience of buyers nationwide. Auction House is a franchise, with auction houses across the country, including:

  • Auction House Birmingham & Black Country

  • Auction House South West

  • Auction House Cumbria

  • Auction House Notts & Derby

  • Auction House East Anglia

  • Auction House Essex & Kent

  • Auction House Hull & East Yorkshire

  • Auction House North West

  • Auction House Leicestershire

  • Auction House Lincolnshire, North Notts & South Yorks

  • Auction House London

  • Auction House Manchester

  • Auction House Midlands

  • Auction House West Yorkshire

Barnard Marcus

Barnard Marcus are part of the Connells Group, focusing on residential property sales and lettings. They partner with other auction houses (like Auction House London) to offer properties through the Modern Method of Auction. This allows for more flexibility and longer completion period.


One of the UK’s largest estate agency groups, offering a full range of property services. They are partnered with Iamsold, offering properties through the Modern Method of Auction. Auction properties are listed on their website and Rightmove. 


Hunters are a large estate agency network focusing on residential sales and lettings. They partner with other auction houses to offer properties through the Modern Method of Auction. Auction properties are typically listed on their website and partner auction house platforms. 

Countrywide and Hunters don’t usually run traditional auctions themselves. Instead they partner with established auction houses to offer their properties through the modern method of auction, which has some key differences from traditional auctions. 


Savills is a global real estate services provider, with a dedicated auction department specialising in residential and commercial property auctions. They are well known for handling high-value and unique properties.

They hold traditional auctions (typically held in London) and have remote bidding options. Their expertise lies in a wide range of properties, including prime residential, commercial investments, development opportunities and mixed-use assets. 

Savills also have comprehensive auction services, including valuation, marketing and legal guidance. 

SDL Auctions

SDL Auctions is one of the UK’s largest property auctioneers, offering a vast selection of residential, commercial, and land properties across the country. 

They offer regular regional and national property auctions, both in-person and online. They operate time auctions, allowing bidding over a set period (similar to eBay). Their expertise lies in diverse property portfolios including residential homes, investment properties, commercial buildings and development sites.

SDL Auctions also offer additional services like property management and auction finance. 

The Property Auction Company

The Property Auction Company focuses on residential property auctions, providing a platform for sellers to reach a wider audience of potential buyers. 

They offer regular online property auctions with live bidding. They deal with a wide range of residential properties, including family homes, apartments and investment opportunities. 

They offer support services for sellers, including house valuations, marketing and will cover your legal advice.

we can help you sell your house THIS month

What is the most trusted online property auction website?

When it comes to online property auctions in the UK, trust and reliability are paramount. Based on customer reviews, Auction House emerges as a top contender with an impressive 4.8 star rating on Trustpilot. However, as a franchise, their Google reviews are dispersed among individual branches, making it difficult to calculate an overall average.

SDL Auctions, one of the UK’s largest online auction houses, boasts a commendable 4.5 star average, combining a 4.7 star Trustpilot rating with a 4.3 star score on Google. This reflects a high level of customer satisfaction and confidence in their platform.

Conversely, Countrywide’s online auction platform lags in customer trust, with a 1.4 star rating on Trustpilot. While they don’t have a consolidated Google review score due to their franchise model, it’s worth noting that they utilise Iamsold for their property auctions, a platform that ranks 6th in overall trust with a 4.2 star average.

RankAuction HouseAuction FormatTrustpilot (/5)Google (/5)Average Rating (/5)
1Auction HouseTraditional4.8Franchise4.8
2SDL AuctionsOnline4.74.34.5
4The Property Auction CompanyOnline4.64.14.3
7Michael PooleTraditional3.74.74.2
8Clive EmsonOnline3.74.13.9
9LandwoodOnlineNo reviews3.53.5
11PughOnlineNo reviews33
12Barnard MarcusOnline32.72.8
14Mchugh & coOnline2.5Franchise2.5

*Data correct as of May 2024.

Choosing a trustworthy only auction platform is essential for a smooth and successful experience. While ratings provide valuable insights, it’s important to consider individual preferences, specific needs and the types of properties offered by each website before making a final decision.

Sell your house to the 4th trusted auction house

Sell my house at auction FAQ

How do I know if the auction house is trustworthy?

Look for property auctions with a proven track record, positive customer reviews and industry accreditations (e.g. RICS, NAEA Propertymark, NAPB, TPO). Research their experience, success rates and company history. You can also ask for references or check online review platforms like Trustpilot.

What measures do property auctions take to ensure fair and transparent bidding practices?

Reputable auction houses adhere to strict guidelines and regulations like legal and regulatory compliance (Consumer Rights Act 2015, data protection). They usually have clear bidding procedures, anti-money laundering checks and measures to prevent collusion or fraudulent activity. Many house auctions are also live-streamed or recorded for transparency.

Can I get references from other sellers who have used property auctions?

Most property auctions are happy to provide references from satisfied sellers. Don’t hesitate to ask for testimonials. In the meantime, you could also check past testimonials on review platforms like Google and Trustpilot.

How will the house auction protect my interests as a seller throughout the process?

A reputable house auction will act as your advocate, guiding you through the entire process. This includes providing legal advice, setting a realistic reserve price, marketing your property effectively and ensuring a smooth transaction with the buyer.

What happens if my property doesn’t sell at auction?

If your property doesn’t reach its reserve price, you have a few options: re-list it at a later auction, negotiate with the highest bidder, or explore alternative selling methods (like selling through us…wink wink). The auction house can advise you on the best course of action.

How will the auction house market my property to attract potential buyers?

Property auctions usually employ different methods to marketing your property, including online listings on Rightmove and Zoopla, property brochures, advertising, social media and email campaigns. They’ll also showcase your property at their auction events.

Can I be confident that the auction will result in a fair market value for my house?

House auctions use experienced valuers to assess your property and set a realistic guide price. While there’s no guarantee of achieving a specific price, the competitive nature of auctions often drives prices up, potentially exceeding market value.

However, there is also the chance that the property auction doesn’t have the right buyers, at the right time, and you may fail to sell the house.

What kind of legal and financial protection do I have as a seller?

Sellers are protected by consumer protection laws and auction house regulations. Contracts are legally binding and deposits are usually taken from buyers to secure the sale. The auction house can also advise you on any legal matters that may arise.

What fees are involved in selling my property at auction, and when are they due?

Fees vary between auction houses, with some asking for a 1% - 2.5% commission based on the final sale price, others asking for a flat fee between £99 and £999, and others will sell your house at auction for free. Most of the payments will be due on completion of the property sale.

How and when will I receive payment for my property if it sells at auction?

Payment terms will be outlined in the contract and usually involve the buyer paying a 10% deposit on auction day, followed by the balance within a set timeframe (often 28 days for traditional auctions, and 56 days for Modern Method of Auctions). The auction house handles the financial transactions and ensures you receive full payment.

Are there any hidden costs or additional fees that I should be aware of?

Reputable auction houses are transparent about their fees. However, it’s wise to ask about any potential additional costs, such as unsold lot fees, or withdrawal fees if you decide not to proceed with the auction.

How can I be sure the auction house will act in my best interests, not just the buyers?

Choose a house auction that prioritises clear communication and open dialogue. Ask questions, express your concerns and ensure you understand their approach to representing sellers. A good auction house will work collaboratively with you to achieve the best possible outcome.

What happens if there’s a dispute with a buyer after the auction?

The property auction will act as a mediator in any disputes between buyers and sellers. They can offer guidance and support to resolve issues amicably. If necessary, legal action may be taken, but this is usually a last resort.

Can I trust the auction house to provide accurate property valuations and realistic expectations?

Trustworthy house auctions employ experienced house valuers who assess properties based on market conditions, comparable sales and the property’s specific features. They should provide realistic expectations regarding the potential sale price and guide you through the entire process.

What are you waiting for?sell your house the easy way
CTA of house