Property auction sales & COVID-19
With the majority of the UK population in lockdown, many house sales on the brink of exchange have stalled. But the auction market is different; auctioneers are finding ways to adapt for vendors who need the assurance of a quick and reliable property sale.
Will the COVID-19 lockdown affect my house sale at auction?
By Mark Grantham – 15th April 2020
House sale transactions have fallen significantly since the COVID-19 lockdown; not just because prospective buyers cannot view properties, but also because of the fear of things to come. The big concern being the impact on the economy.
Some buyers are choosing to wait it out before selling, which seems sensible given no one will be able to view your property. But we don’t think it’s a good idea to wait too long, otherwise you may end up chasing a falling market.
For the time being all property auctions are taking place online. Buyers must bid remotely either by telephone, online or by placing a proxy bid. Some of the auctions that were held online in March 2020 saw reasonable results, but many sales had the benefit of open house viewings, which of course is not possible now.
If you are motivated to sell as soon as possible, we recommend filming a 3 to 5 minute video tour of your property, which the auctioneer can upload to their website. It’s the next best thing to a real viewing.
If you’re planning to sell in May or June, the deadline for booking into auction is 4 weeks before auction day.
Thinking of selling your house at auction? Any type of property can be sold at auction, whether in good or poor condition. Call 0800 862 0206 for your free auction sale price estimate, or click the button above for a quick quote.