The UK property market has seen significant changes in recent years, with more buyers turning to auctions for a simpler purchasing process, according to industry body Propertymark. Its latest Auctions Barometer Report reveals that 54% of surveyed auctioneers reported an increase in lots available for all property types year on year.
Why Auctions Are Gaining Popularity
Propertymark attributes this trend to the speed of auction sales, especially appealing to chain-free first-time buyers. Traditional housing transactions often take over 17 weeks to complete, while auctions form a binding contract once bidding ends, providing peace of mind for both parties. Guide prices are also set to encourage early engagement, and auctions blend in-room and online bidding.
Sophie's Experience
First-time buyer Sophie Tavener from London purchased a property in Putney via an online auction found on a property portal. She said: 'I definitely found the properties being auctioned more affordable, though the one I purchased needed a lot of renovation.' Sophie had previously been gazumped twice through estate agents. After researching the auction process, she decided to try it.
Sophie used social media and online research to understand legal documents provided during auctions. Although initially daunting, she found it similar to the traditional route, with property viewings and the ability to ask questions. She described the online auction as 'exciting' and 'quick,' adding: 'The day of the auction itself made me think I was going to be outbid, but I got it.'
Qualified Auctioneers Make a Difference
Sophie worked with an auctioneer holding NAVA Propertymark qualifications, which ensured she understood the legal aspects. She said: 'I would recommend it to other first-time buyers because you get a fantastic outcome ideal for my generation. It is not daunting; you can state your maximum price and avoid being gazumped.'
Using a qualified auctioneer is crucial due to their training in legal requirements. Potential buyers can find one via Propertymark's Find an Expert tool.
