How to buy a property at auction

By Stephen Clark | Monday 23rd January 2023 | 1 minute read

Are you looking to buy a house at auction or a commercial property? Not sure how a property auction works? Our property auction info guide explains the key steps involved. 

Why do people buy property from auctions?

The latest data from Rightmove shows that average UK house prices hit £371,158 in October, whilst we have discovered that the average residential property sale price at auction was £164,110. The number of properties available at auction is increasing. In October, there were 2,400 residential properties available at auction, up 23.6% year-on-year, with 1,669 lots selling, up 12% year-on-year. As more homeowners are unable to meet their mortgage payments, repossessions are a worrying increasing trend set to continue into 2023. With lenders looking to offset their assets, even more properties will be available at auction. Auctions present an excellent opportunity for investors and would-be homeowners to get a property - below the market value.

But how do you buy a house at auction? Check out our guide, and we'll show you how.



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