Auction House sees more than an 85% rise in bidder registrations as buyers rush to beat the 31st March deadline.
From 1st April, more homebuyers will be feeling the pinch as the government’s new Stamp Duty thresholds come into effect.
As a result, buyers have been rushing to get their property purchases through the door to avoid incurring higher costs. This influx of buyers has been particularly notable this week, with Auction House recording their highest ever bidder registration numbers for their national online auction, which marks more than an 85% increase on registrations recorded this time last year.
How to beat the changes
High property auction activity is likely to remain for the near future as the deadline creeps ever closer and private treaty sales continue to drag due to slow conveyancing.
“Traditional property auctions provide a fast-track solution,” explained Auction House’s National Commercial Director. “Exchange is immediate upon the fall of the gavel and completion occurs within the 28 days that follow. Auction is fast, straightforward and guarantees a sale once the hammer goes down.”
If buyers are tempted to explore this speedy and simple route to purchase, Oliver Prior recommends taking a proactive approach: “To avoid complications or delays, involve a solicitor early on and carry out financial due diligence as soon as you can. Relying on lenders can sometimes be a lengthy process, so engage with them right at the start.”
Search Auction House’s available properties
With eight auctions taking place over the next two weeks, there is still time for buyers to bid on a property and complete a purchase by the 31st March.
To begin their search, they can take a look at the Auction House website.
