Online Property Auctions

Should I sell my house using an online auction?
What are the pro’s and con’s of selling your house or flat using an online auction versus a traditional public auction?

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Online V’s traditional – a guide for sellers

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Last updated by Mark Grantham on 10th February 2018

cost for selling at auction infographic

What are the main features of an online property auction?

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Thinking of selling?

Try our free auction sale price calculator

How is an online auction different from a traditional auction?

The starting rate for an auctioneer’s commission will usually be around 2.5% to 3% + VAT and that’s only paid when the property successfully sells. The commission can sometimes be negotiated down to the 2% level. So if a property sells for £200,000 the commission payable to the auctioneer would be £4,000 + VAT.

Advantages of online auctions (from a sellers perspective)

As with selling a property through an estate agent or privately, there are other costs to be considered when selling a property, they include; legal fees, moving costs and taxes that might be due. For example capital gains tax on buy-to-let properties and inheritance taxes for probate sale. Also consider whether any early redemption penalties might be due on your mortgage or secured loans. These are all payments your solicitor will be able to help you calculate when determining your bottom line sale price i.e. your reserve price.

If the property doesn’t sell at auction there will usually not be any costs or obligations to the seller, unless stated in the auction terms.

Disadvantages of online auctions (from a sellers perspective)

The starting rate for an auctioneer’s commission will usually be around 2.5% to 3% + VAT and that’s only paid when the property successfully sells. The commission can sometimes be negotiated down to the 2% level. So if a property sells for £200,000 the commission payable to the auctioneer would be £4,000 + VAT.

Finding an online auction company

The starting rate for an auctioneer’s commission will usually be around 2.5% to 3% + VAT and that’s only paid when the property successfully sells. The commission can sometimes be negotiated down to the 2% level. So if a property sells for £200,000 the commission payable to the auctioneer would be £4,000 + VAT.

Should I sell my property using an online auction?

The starting rate for an auctioneer’s commission will usually be around 2.5% to 3% + VAT and that’s only paid when the property successfully sells. The commission can sometimes be negotiated down to the 2% level. So if a property sells for £200,000 the commission payable to the auctioneer would be £4,000 + VAT.

The future of auctions

The starting rate for an auctioneer’s commission will usually be around 2.5% to 3% + VAT and that’s only paid when the property successfully sells. The commission can sometimes be negotiated down to the 2% level. So if a property sells for £200,000 the commission payable to the auctioneer would be £4,000 + VAT.

Next steps…

Why not request a free pre-auction appraisal for your property? It only takes a few seconds. Or feel free to call us on 020 7183 2623 if you have any questions.

Thinking of selling?

Try our free auction sale price calculator

Auction cost example
If a property sells at auction for £200,000 the commission due to the auctioneer would typically be 2% + VAT which would be £4,000 + VAT only payable if the property actually sells.
ℹ Top auction tip
If the auctioneer asks for an “entry fee” payment of £300 or so, ask if the amount can be paid after the auction and only if the property successfully sells.

Find an auctioneer
Need help choosing a local property auctioneer? Call 0800 862 0206 or send us an enquiry online.

🔍 Also see
💬 Auction talk
“A real advantage of selling at auction is the competitive effect of having multiple bidders fighting it out for your property, bidding up the price within the space of a few minutes.“