A beginner’s guide to buying a house at auction, from having a bidding strategy to studying the catalogue

It was already seeing a surge of interest even before Covid struck. Figures from the Essential Information Group showed a 20 per cent uplift in the number of auction sales, with total value up almost 30 per cent.

There are several steps you must take before walking into the auction house and starting to bid. Matt Bartle, director of mortgages and savings at Leeds Building Society, says: “Always get a survey done ahead of the auction. This will highlight whether there are any major faults with the property. “Once you have spotted a property or two that you like, contact the auction house to arrange a viewing. Make sure to thoroughly inspect it and its surrounding neighbourhood. Consider taking a builder or handyman with you to find out what may need to do to the property, and how much it is likely to cost. And if you have any queries, don’t be afraid to ask the auctioneer.”

Properties are listed with a guide price, which is where the bids start from but there is also a reserve price below which the vendor won’t sell. That figure isn’t disclosed but, according to Propertymark, it can be as much as 10 per cent higher than the guide price. She adds: “Make sure that the bids work out so that it is you who is bidding when the price reaches your upper limit; this requires a certain amount of mental agility during the bidding process itself.”

“The thing to remember when considering buying at auction is that when the hammer falls, you have entered into a binding contract to buy the property. You will be expected to produce 10 per cent of the price immediately and there will be a fixed completion date, stated on the auction particulars and confirmed by the auctioneer, generally in a month’s time.

Is there a business model for offering support to people wanting to bid for property auctions: say a 10% purchase boost in return for a 10% return on income/valuation after 1 or 2 years?

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