One of the key features of auction is the speed of sale. If you booked your property into auction tomorrow, you could expect to exchange contracts within 3 to 4 weeks (legally binding sale) and complete one month after that.
The summary below provides a brief overview of the timings involved, for more detailed information please see our guide to the auction sale process.
Before the auction
Auction companies set a cut-off date for entries to auction about three to four weeks before auction day. That gives the auction company enough time to compile the marketing particulars for your property, print and circulate the auction catalogue, advertise the property on their website and portals (e.g. Rightmove and Zoopla) and conduct open house viewings before auction day.
Where possible, it's worthwhile booking into auction early to benefit from the additional marketing time and increase the chances of receiving offers before auction day.
On auction day
For local/regional auctions there might be as many as 50 to 100 lots on offer and for national auctions as many as 100 to 200 lots. Bidding for each lot typically lasts no longer than 3 to 5 minutes. On auction day the winning bidder pays a 10% deposit and formally exchanges contracts. The sale is now legally binding.
After the auction
The standard auction procedure is for completion of sale 28 days after auction. In practice, if the buyer and seller are both ready completion can take place earlier.
It's possible for the seller to set the completion date to suit their own preferences. And some sellers set a later completion date for the benefit of the buyer - knowing they are more likely to bid higher if they have a bit more time to arrange their finances if their plans take a turn.
Auction sale timescales?
The timescale from booking into auction until completion of sale is around 6 to 8 weeks.
Find an auctioneer
Need help choosing a local property auctioneer? Call 0800 862 0206 or send us an enquiry online.
Next steps...
Contact us to find out if your property is suitable for auction. Request a free pre-auction appraisal or feel free to call us on 0800 862 0206 - we'll be happy to help.
