Can anyone buy a property at auction?

Anyone can buy at auction, whether you’re a seasoned expert or a first time buyer.

How do I register to bid?

You can register to bid at a Savills auction up to two weeks prior to the auction, usually the same day that the catalogue is released. You can register any time up until the day before the auction and you will need to provide the auctions team with the details of all bidders/buyers/deposit payers, identification documents and solicitor’s details.

Once registered, you will also be able to book viewing time slots, access legal documents, subscribe to email alerts and create a personalised watch list and notifications.

What do you need to have ready prior to the auction?

You must have your finances in place. Without these you will be unable to bid on any properties. Following payment of the deposit on the day, you will usually have to pay the final balance 28 days later. If a buyer isn’t purchasing in cash, they will often look to a specialist broker with experience in arranging finance for buying at auction. The broker will usually secure a mortgage in principle in advance though occasionally they may arrange it after the deposit has been paid and within the 28 days.

How do I access a property's legal documents?

A property’s legal documents can be viewed once you have registered on the Savills auction website. We recommend that a solicitor checks through any legal documentation before any bids are placed at auction. If a survey is required, a surveyor should contact the auctioneers to arrange access.

Do you advise potential buyers to do the searches and surveys before bidding?

On the fall of the auctioneer’s gavel a binding contract is created. This means buyers need to be certain about their purchase before bidding. We’d recommend that buyers do all of their searches and surveys before entering the auction and bidding.

How reliable is the guide price?

Guide prices are indications within 10 per cent upwards or downwards of where the reserve price is set at the time of going to print. However, they are not an indication of the anticipated sale price or a valuation. The guide price is subject to change up to and including the day of the auction.

How do I bid remotely?

Savills offers three methods of remote bidding: by proxy, telephone and online. All methods will all allow buyers to be in with a chance of being successful. To bid via phone, you will log into our website on the auction day and follow the links to bid on/watch the auction. We highly recommend checking you have a stable internet connection before joining the online.

What types of property are available at auction?

It’s not just houses that are available – an auction also offers an opportunity to buy something quirky or unique. Garages, water towers, former public lavatories, alleyways and plots of land of varying shape and size all go under the hammer, alongside more conventional flats, houses and offices.

What are the advantages of buying at auction?

There are a number of advantages, ranging from the adrenaline rush and thrill of bidding to the existence of a level playing field when it comes securing a property of choice. Auctions are also done in a day, giving buyers and owners the chance to purchase or sell quickly and without hassle. It also rules out any chance of counter offers, gazumping or long chains holding up the process.

Any other tips?

Unsold properties after an auction may be listed with an ‘available price’. This is the price that the seller is looking for post auction, subject to contract and no higher offers. It has no relation to the guide prices listed prior to the auction sale. If you are out bid on a property, bear in mind that there will be future sales ­– you never know what might be available next time.

Further information

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