To auction, or not to auction?

- Wed 24 Aug 2022

The property market has been moving at an alarming rate over the last 2 years and so we wondered why is it now we are being asked to sell more property via our modern method of auction?

The property market is certainly cooling off from the manic activity that 2021 witnessed, could that be it?

It is well known that the conveyancing process is running at an all-time slow. With transactions taking more than 20 weeks from being agreed to completion on average, perhaps homeowners and landowners have realised the quicker option would be to sell via auction?

Or could it be that we are selling properties this year through auction and therefore more people are becoming aware it is a successful method of sale not just for those properties that require major work or repair but also for everyday homes, parcels of land, garages and random other outbuildings?

Whilst in reality there is probably a combination of the reasons above depending on the seller and the property or land/outbuilding in question, the format of auction is becoming more widely favoured and we can see why.

More certainty from both buyer and sellers perspective will always be appealing, even where there can be buying fees involved. A shorter timescale again appeals to both parties involved in the transaction and of course there is more transparency with a legal pack being prepared for all to read or send to their conveyancing team to check prior to committing to an offer.

The question is; do you want to sell by auction or not to sell by auction?