Updated October 2026 · Fraser Bond
Buying · Auctions
Buying a house at auction
Traditional28 days
Modernreservation fee
Legal packread it
Feesextra
In short: At a traditional auction, exchange happens when the hammer falls: you pay a 10% deposit and usually complete within 28 days. In a "modern method" auction, you pay a non-refundable reservation fee (often several thousand pounds plus VAT) and have around 56 days to exchange or complete. Read the legal pack with a solicitor, budget for buyer's fees and other costs listed in special conditions, get finance arranged in advance, and set a maximum bid. Auctions suit buyers who can move fast.
| Traditional | Modern method | |
|---|---|---|
| Commitment | Binding at hammer | On exchange, after reservation |
| Deposit / fee | 10% + buyer's fee | Reservation fee |
| Completion | ~28 days | ~56 days |
Auction types
Frequently asked questions
Keep exploring
BUYING GUIDE
Due Diligence Before Buying a Property: The Complete ChecklistBUYING GUIDE
House Viewing Checklist: What to Look For and AskBUYING GUIDE
Property Searches Explained: What Your Solicitor Checks
Due Diligence Before Buying a Property: The Complete ChecklistBUYING GUIDE
House Viewing Checklist: What to Look For and AskBUYING GUIDE
Property Searches Explained: What Your Solicitor Checks
Browse every guide in Buying and Selling in London Hub → · London area guides →
Handy tools
Stamp duty calculatorRental yield calculatorMove-in costsBTL deposit calculatorRefurb cost per m²
Search homes for sale
Browse current homes and new instructions.
Get startedBrowse current homes and new instructions.
Are auction houses cheaper?
Sometimes, but legal packs reveal why.
Can I get a mortgage?
Often too slow; bridging is common.
