A young first-time buyer from London has shared how she purchased a Putney property through an online auction, avoiding the frustration of being gazumped after two previous failed attempts. Sophie Tavener's experience highlights a growing trend in the UK housing market, where auctions are becoming increasingly popular, particularly among chain-free buyers.
Rise of auction purchases
According to Propertymark's latest Auctions Barometer Report, 54 per cent of surveyed auctioneers reported an increase in available lots across all property types compared to the previous year. The industry body attributes this surge to several factors, with the primary appeal being the swift pace of transactions. Standard housing transactions currently take over 17 weeks to complete in many cases, whereas auctions can finalise sales much faster because the purchase contract is formed immediately after bidding concludes. This offers both sellers and buyers enhanced reassurance. Additionally, the starting guide price for auction properties is often set at a level designed to generate stronger initial interest.
Sophie's auction experience
Sophie Tavener, a first-time buyer from London, chose to purchase a Putney property through an online auction she discovered on a property portal. She explained: "I definitely found the properties being auctioned more affordable, though the one I purchased needed a lot of renovation." Sophie had previously attempted to buy through estate agents but was gazumped twice, a situation where a seller accepts a higher offer from a new buyer after previously accepting an offer from someone else. "I saw a property that was being sold via auction. I did research into the auctioning route and I thought I would give it a go," she added.
Sophie revealed that social media and online research into the legal paperwork provided to both buyers and sellers throughout the auction process equipped her with much of the information she needed. While she initially described the auction route as 'daunting', she explained that once she understood how it functioned, it wasn't vastly different from the conventional estate agent approach. She still had the opportunity to view the property beforehand and ask important questions. On the day of the online auction, Sophie shared her feelings: "I found it very exciting. It was a quick process, which can be a little bit exhilarating. The day of the auction itself made me think I was going to be outbid for the property, but I got it."
Benefits of qualified auctioneers
Sophie worked with an auctioneer who held NAVA Propertymark qualifications, ensuring expertise in navigating the legal complexities of the auction process. She described herself as 'very happy' with their service, citing the extensive legal documentation they supplied. She added: "I would recommend it to other first-time buyers because I think you get a fantastic outcome that is ideal for my generation. It is not daunting, as many people make it out to be, because you can state the maximum price you want to pay and you avoid getting gazumped." Propertymark emphasises that enlisting a qualified auctioneer can significantly improve the auction experience, thanks to their specialist training in understanding legal obligations. Prospective buyers can use Propertymark's Find an Expert tab to locate a qualified auctioneer in their local area.
