Do houses sell for less at auction?
Not at all! If your property is suitable for auction, you should expect to sell it at the same or higher price than you would achieve through an estate agent.
Properties can sell at auction for higher prices for a few reasons:
- Competitive bidding can drive the sale price up fast
- Auction House's extensive marketing of the property can build up a large base of interested buyers
If you're selling, it is essential to get the pricing right and choose the most suitable method for the best outcome. The auction teams are best placed to advise the best method of sale and expected price for your property.
Can my property be sold for less than I'd like?
No, this is not possible. During the build up to the auction, the team will discuss with you about setting a reserve price for your property
This reserve price is the absolute minimum that the property will sell for.
If the final bid on your property is below the reserve price, the property will not sell. However, buyers can still submit offers post-auction. If one of those offers meets the reserve, the property will be sold at that price.
The value of the suggested reserve price will be based on the Auction House team's extensive experience in the property market and your local area. Of course, you are free to work with the team to adjust this figure based on your requirements and situation.
Lots that aren't sold at auction are subject to post-auction offers from buyers and are listed on our unsold property lots page.