Can first-time buyers buy an Auction property?

Buying your first home can be stressful, and with 32% of traditional property sales falling through before completion¹ – costing buyers an average of £2,700 on wasted fees² – it’s no surprise that auction is gaining in popularity.  

With faster completions and a 95% success rate – compared to a 30% average fall-through rate for Private Treaty – demand for Auction continues to grow. 

So, Why is Online Auction Great for First-Time Buyers? 

• Speed: The MMoA offers faster completion times, with sales completing in just 56 days³.  

• Transparency: Buyers benefit from access to property information before placing a bid, including local authority searches, water and drainage searches, and fixture and fittings reports, along with real-time visibility of all bids throughout the auction period. This can be found in a Buyer Information Pack.  

• Security: Once the auction is complete and the Reservation Fee is paid, the seller must commit to the sale and cannot accept another offer.  
• Mortgage-Friendly: The 56-day³ completion timeframe gives buyers more time to secure a mortgage.  

Auctions are now more accessible than ever before, with online auction opening the doors to a wider range of buyers. Traditionally, many still think property auctions are all conducted in person in a ballroom, with fast-paced bids, and a gavel striking the podium. However, online property auctions have grown steadily year-on-year, with iamsold Auctions responsible for 1.2% of all UK home sales⁴ in 2024 alone. This means you can secure your auction property from the comfort of your own home, just like you would with other digital transactions. 

The idea of buying a property at auction can feel daunting if you’ve never done it before. Unlike traditional auctions, where the sale is immediate and requires upfront cash, online auctions allow buyers to place bids over several days in a digital-first, transparent, and comfortable environment.  

To help buyers make informed decisions, sellers are required to provide all property information upfront via the Buyer Information Pack, enabling buyers to make informed decisions and purchase efficiently and confidently.  

As the homebuying process continues to slow – with Private Treaty sales taking up to six months to complete⁴ and a third of housing transactions collapsing⁵ – the need for a quicker, more secure sale has attracted all types of homes to the auction market, appealing to a wide range of buyers, including first-time purchasers. 

Online auction commits both the seller and successful bidder to the transaction, offering greater security for both parties and significantly reducing the risk of the sale falling through. With an average completion timescale of 56 days once the Reservation Fee is paid, the process provides first-time buyers with valuable time to arrange finances following a mortgage agreement in principle.  

In a market fraught with competing offers, chain breaks, hidden costs, and lengthy delays, online auctions offer a fresh alternative to traditional methods for first-time buyers. With security, transparency and speed baked into the process, online auction is great for first-time buyers looking to get onto the property ladder.  

¹ quickmovenow, 32% of Property Sales fall Through Before Completion, April 2025 

² Government UK, New Vision for a World-Leading Digital Property Market, 2022 

³ Based on standard properties. From receipt of draft contracts. 

⁴ iamproperty, Online Auction Index: Q4 2024