A young first-time buyer from London shared how she purchased a Putney property and avoided being gazumped
The UK’s housing market has experienced a significant transformation in recent years, with growing numbers drawn to the straightforward nature of auction purchases, according to an industry body.
Propertymark’s latest Auctions Barometer Report reveals that a substantial proportion of auctioneers surveyed (54 per cent) reported an increase in available lots across all property types compared to the previous year.
Propertymark highlighted numerous factors behind the rising popularity of auctions, particularly amongst first-time buyers who are ‘chain-free’, with the primary appeal being the rapid pace of potential property transactions. The organisation’s research indicates that housing transactions currently take more than 17 weeks to complete in a persistently high number of cases.
The auction process, by contrast, can accelerate sales because the purchase contract is formed immediately after bidding concludes, offering both sellers and buyers enhanced reassurance. Additionally, the starting guide price for many properties is typically pitched at a level designed to generate stronger initial interest.
Properties sold through auction frequently employ a varied mix of in-room bidding and online platforms. This was certainly a key factor for first-time buyer Sophie Tavener from London, who chose to purchase a Putney property through an online auction she discovered on an online property portal.
“I definitely found the properties being auctioned more affordable, though the one I purchased needed a lot of renovation,” Sophie explained.
She added: “I had gone down the estate agency route before and I had been gazumped (where a seller accepts a higher offer from a new buyer after previously accepting an offer from someone else) twice. I saw a property that was being sold via auction. I did research into the auctioning route and I thought I would give it a go.”
Sophie revealed that social media and online research into the legal paperwork provided to both buyers and sellers throughout the auction process had equipped her with much of the information she needed to get her head around it all.
While Sophie described the auction route as ‘daunting’ initially, she explained that once she grasped how it functioned, it wasn’t vastly different from the conventional estate agent approach, as she still had the opportunity to view the property beforehand and pose questions that were crucial to her decision-making. When the online auction day arrived, Sophie shared her feelings about the experience.
“I found it very exciting. It was a quick process, which can be a little bit exhilarating. The day of the auction itself made me think I was going to be outbid for the property, but I got it,” Sophie said.
Furthermore, as the auctioneer Sophie collaborated with held NAVA Propertymark qualifications, giving them the expertise to navigate the legal complexities of the auction process, she described herself as ‘very happy’ to work with them, citing the extensive legal documentation they supplied.
She added: “I would recommend it to other first-time buyers because I think you get a fantastic outcome that is ideal for my generation. It is not daunting, as many people make it out to be, because you can state the maximum price you want to pay and you avoid getting gazumped.”
Enlisting a qualified auctioneer can significantly improve the auction experience, thanks to their specialist training in understanding the legal obligations involved. Prospective buyers can use Propertymark’s Find an Expert tab to locate a qualified auctioneer in their local area.
