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Buying a house, why are most sold at auction now?

6 replies

Gobacktothe90s · 14/01/2021 03:06

Looking to buy my first house and browsing on Rightmove 95% are auction sales.
Is this normal or because of Corona not many houses are being bought so sellers selling at auction?
I don't understand house auctions and the fees so not sure how I'm going to find a house.

OP posts:
Ginfilledcats · 14/01/2021 03:14

They're often sold at auction when they've been repossessed as people aren't able to pay their mortgage. With the amount furloughed or lost their jobs it's not a surprise but so so sad.

I've not seen any for auction where I've been looking though, strange you've seen so many x

DinosApple · 14/01/2021 06:44

I think there's a search option on Rightmove to select auction properties - check that you accidentally haven't ticked it.

UglyHoose · 14/01/2021 07:06

In a property auction the buyer pays a fee on top of the purchase price, whereas in a standard sale the seller pays the agent a fee. Big appeal to sellers.

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starpatch · 14/01/2021 08:11

Most houses are not sold at auction. But houses sold at auction are listed cheaper. If your search is only turning up auction houses it may be a sign that your budget is too low realistically to afford a house :-(

Reedwarbler · 14/01/2021 08:16

I rarely see auction properties on Rightmove, so I am not sure where you are looking.
Buying at auction is not for the inexperienced or faint hearted. The majority of houses that are auctioned are sold in this way because they are not mortgageable, (or only partially mortgageable pending repairs).

londonmummy1234 · 14/01/2021 08:18

Where are you looking? I'm looking I'm SW London and barely any are for auction. I would love to find an auction one as they generally go for cheaper and we are looking for a doer upper.

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