Under the hammer

The property market is changing. Should you consider selling your home, or indeed buying your next one, at an online auction?

At the end of 2023 data was released showing an increase in sellers opting to auction their properties in the UK. With an increase of 2.3%, that’s almost 6,000 more homes compared to the previous year. Ian Denton, Director at Jackson-Stops, explains why we might be seeing these increases.

“People might be looking to auction because they need quick results,” he says. “You would think that with all the technology available to us, that the time between an off er being accepted and exchange of contracts and completion would have sped up, but it simply hasn’t.”

Online property auctions off er a much speedier option, whether you are selling a home or looking to buy one. While a private treaty (the traditional method of buying and selling through an agent) will take from three to six months, an auction transaction typically takes 20-28 days.

“It’s an excellent option in the case of probate or for people who want to move into somewhere in a hurry,” says Denton. There is also more transparency when selling at auction because a full legal pack is put in place prior to a property being listed, so there are none of the surprises that can occur with traditional sales.

And once the gavel falls on an agreed price both parties are locked into a transaction. “With a private sale you might be hanging out for a buyer to off er you a bit more money, but there’s always the chance they never appear, or pull out just before exchanging contracts.”

Denton has overseen auctions both in salerooms and, increasingly, online since 1996, but has seen interest rise sharply in recent months. Traditionally, homes sold via online auction are probate properties, where beneficiaries want a quick sale at the best price they can get, though Denton thinks we may see more people choosing auctions as changes to their mortgage payments bite and they need to move area or downsize quickly. More individual homes might also benefit from exposure online. “A property in a village where there are a lot of similar homes may not attract the same interest as a truly unique home that several parties are interested in.”

Jackson-Stops has also sold land by auction. “Say you own a paddock at the edge of the village that’s surplus to your requirements,” says Denton. “You know you’re going to have a lot of interest in it. An online auction is an easier way to handle that interest than by private treaty. Everyone knows that there is a deadline by which they have to express their intentions. It’s a more manageable and open way of selling.”

And if you think you might want to sell or buy at auction, why choose Jackson-Stops? “When a client comes to us, however they choose to sell, they know that they are going to be dealt with by qualified people who will provide a very professional service,” says Denton. “We’re successful at what we do and our online auctions build on this.”

Considering selling your property with J-S Auctions? Please get in touch via www.jackson-stops.co.uk/auctions