Sell Your Property at Auction
Exchange on the hammer, complete in about 28 days, no chain and no fall-throughs. Here is how auction selling actually works, what it costs, and when it beats an estate agent, plus a free appraisal to find the right auction house for your property.
How selling at auction works
Five steps from instruction to completion. The whole process typically runs 6 to 10 weeks.
- 1
Appraisal and guide price
The auctioneer inspects the property and suggests a guide price, the figure used in marketing. Guides are set to attract bidders, so they usually sit below what the property should actually make. A low guide is a tactic, not a valuation.
- 2
The reserve
You agree a reserve with the auctioneer, the confidential minimum you will accept. The property cannot sell below it. The reserve is your real protection; by convention it sits within 10% of the guide price.
- 3
The legal pack
Your solicitor prepares a legal pack before the auction: title documents, searches, leases or tenancy agreements, and any special conditions. Serious bidders read it in advance. A complete, early legal pack directly improves the price, because bidders discount for uncertainty.
- 4
Auction day
When the hammer falls, contracts are exchanged on the spot. The buyer pays a deposit (usually 10%) immediately and is legally committed. There is no chain, no renegotiation, and no pulling out without losing the deposit.
- 5
Completion, typically 28 days
Most auction contracts complete 28 days after the hammer (some houses use 20 working days or offer 56 for complex lots). From catalogue entry to money in your account is commonly 6 to 10 weeks in total.
What it costs
Auction selling fees are usually higher than online estate agents and similar to full-service agents, but you are paying for speed and a legally binding sale.
Commission
Typically 2% to 3% of the sale price plus VAT, agreed before entry. Some houses charge a flat fee on lower-value lots.
Entry fee
Usually a few hundred pounds to cover catalogue and marketing, often payable whether or not the lot sells. Some houses waive it on realistic reserves.
Legal pack
Your solicitor's cost to prepare the pack, commonly in the low hundreds. Worth doing properly, an incomplete pack costs you bids.
Buyer costs
The buyer pays the buyer's premium and any admin fees, not you, but high buyer fees can suppress bidding. It is worth comparing when choosing a house.
When auction beats an estate agent
Auction is not right for every property. A well-presented family home in a strong market will usually do better with an agent. These four situations are where auction wins.
Probate and inherited property
Executors get a transparent, public sale at open market value with a fixed timetable, which is easy to defend to beneficiaries. Dated or part-cleared properties that would struggle on Rightmove routinely sell well in the room.
Tenanted property
Selling with a tenant in place is hard through an estate agent, most retail buyers want vacant possession. At auction, tenanted lots are normal stock: investors bid on the income, and you sell without evicting anyone.
Needs refurbishment
Unmortgageable or tired properties suit cash and bridging buyers, which is exactly who sits in an auction room. You avoid months of retail viewings from buyers whose lenders will refuse the property anyway.
Speed and certainty
Exchange on the hammer and completion in about a month. No chains, no sales falling through at survey, no renegotiation the week before exchange. If certainty matters more than squeezing the last few percent, auction wins.
Get a free auction appraisal
Tell us about the property and we will reply with a realistic guide price range and a shortlist of auction houses suited to your lot, based on their region, specialisms and fees. Free, and no obligation to proceed.
Which auction house should sell it?
The right room matters as much as the reserve. A national house like Allsop or Savills reaches investor money nationwide but carries higher entry costs; a strong regional house often knows your street and its buyers personally. Compare fees, lot volumes and specialisms across 173 UK auction houses before you sign anything.
Selling at auction, answered
Will my property sell for less at auction?
Not necessarily. Well-marketed lots with realistic reserves regularly beat their guide, and competitive bidding can push past estate agency offers, especially for probate, tenanted and refurbishment stock. What you give up is the chance to hold out indefinitely for one perfect buyer; what you gain is certainty and speed.
What if it doesn't reach the reserve?
It stays unsold and you keep the property. The auctioneer will usually try to negotiate with the highest bidder after the room, and many unsold lots sell within days. You may still owe the entry fee, so agree that before signing.
What does selling at auction cost in total?
Budget for commission of roughly 2% to 3% plus VAT, an entry fee of a few hundred pounds, and your solicitor's cost for the legal pack. Always get the full fee schedule in writing before you commit to an auction house.
How fast is it really?
Catalogue deadlines run 3 to 4 weeks before each sale, marketing runs for those weeks, then completion is typically 28 days after the hammer. From instruction to completion, 6 to 10 weeks is normal.
Can I sell a tenanted property without the tenant leaving?
Yes. Tenanted lots sell at auction every week with the tenancy disclosed in the legal pack. Investors bid on the income stream, and the tenancy transfers to the buyer.
How do I choose the right auction house?
Match the house to the lot: a London commercial investment and a Yorkshire terrace belong in different rooms. Compare regional reach, lot volumes, specialisms and fees. Our directory covers 173 UK auction houses, or send us the property and we will shortlist for you.
Something else? Ask us directly or check what similar properties made in the results archive.