The circumstances surrounding the Covid-19 pandemic mean property auctions, normally held in busy hotel ballrooms, have had to adapt. During strict lockdown auction houses had to innovate in order to ensure their planned sales could go ahead.

For Savills this saw the introduction of a successful new virtual format allowing bidders to participate remotely while following the action in real time on a livestream, with the auctioneer taking bids at the virtual rostrum as they would in the auction room.

Since the start of lockdown, we have held three remote auctions, all in accordance with government guidelines, raising a total of almost £60 million overall. The most recent sale took place on 24 June with an 80 per cent success rate.

So how does remote bidding work in practice?

Advance registration

Before joining the auction you must register so that the relevant legal checks can be undertaken. Buyers have until the day before the auction to pre-register. In order to register successfully you will need to provide the auctions team with the following information:

• Details of all bidders/buyers/deposit payers
  
  
• Identification documents
  
  
• Details of your solicitor

Do your research

On the fall of the auctioneer’s gavel a binding contract is created. This means you need to be certain about buying before you bid. On Savills auction website you can view the legal documents pertaining to each property as well as book viewings – these can be done either virtually or socially distanced. We recommend you ask a solicitor to check the legal pack for you. If you require a survey, your surveyor should contact the auctioneers to arrange access.

On auction day

You can log in to watch the livestream at any time and follow the day’s events. Savills was the first auction house in the UK to provide this offering at the start of lockdown. The auctioneer will announce each lot and invite any bids.

There are a variety of ways to bid remotely. Each has a delay that would not be found in the auction room, so it is important not to leave your bid to the last second as the gavel may have already fallen. Ways to bid include:

• Bidding by proxy You can submit proxy bids in advance, this entails letting the team know your maximum bid for your desired lot and they will then bid on your behalf.
  
  
• Bidding by telephone There’s a dedicated team who will call you when the property you want to bid on comes up and who will submit bids on your behalf to the auctioneer.
  
  
• Bidding online This involves bidding live on our website.

If you miss out on the property you originally planned to buy, you can still bid on other properties in the sale.

Following the sale

Once the sale has finished, completion can take around 20 working days after the date of exchange under the supervision of your solicitor. If you are the successful bidder you are legally obliged to complete the sale.

If a property does not meet the reserve price it can be withdrawn. However, you could contact the team about making an offer once the sale has finished.

• The next Savills auction will take place on 29 July 2020. Preview the catalogue 

Further information

Contact Savills Auctions