What is a Conditional Online Property Auction?
The property market is evolving, and you might be surprised to find out there are different ways to buy and sell property in the UK.
Private Treaty vs. Conditional Auction
Private Treaty, where the seller sets an asking price and will consider offers through their Estate Agent on what is known as the ‘open market’, is the most well-known option for selling a property. That doesn’t make it the best fit for every transaction. With Private Treaty, neither party is legally committed to completing on the transaction until contracts have been exchanged.
That’s where Conditional Auctions (also known as The Modern Method of Auction) comes in – offering a viable and flexible alternative method of sale that combines the speed and security of Traditional Auction with added flexibility for residential buyers.
What is a Conditional Auction?
Conditional Auction means the winning bid is subject to certain conditions being met before exchange. Buyers secure the property by paying a non-refundable Reservation Fee, which takes the property off the market and secures their commitment. This upfront commitment helps reduce the risk of fall-through, giving everyone more peace of mind. Here’s some more information to explain the fees associated with auction.
From there, buyers have a 56-day* timescale to complete the purchase. This allows time to arrange a mortgage, carry out surveys, and resolve any legal enquiries raised. It’s faster and more secure than Private Treaty, while still offering the flexibility that everyday buyers need – ultimately, it can offer a more secure sale, with time to complete. What are the advantages of selling your property at auction?
For sellers, Conditional Auction delivers what Private Treaty often can’t: speed, security, and more control.
It’s an ideal fit when:
- The seller wants to move faster than the market typically allows – the average property sale is taking over 200 days to complete [link to 200-day consumer blog coming soon next week]
- Security of sale is a key motivation
- A property has been listed for a while without success
- There’s strong buyer interest that could lead to competitive bidding
Conditional Auction is about giving sellers more choice, aligned to their circumstances, with a clear timeline, fewer delays, and committed buyers.
Thinking about buying at auction? It’s not ‘cash only’
One of the biggest misconceptions is that auction is only for investors who can make cash offers. Conditional Auction changes that.
Because the process is conditional, buyers have time to arrange finance, including mortgages (subject to lending criteria, affordability, and survey). That makes it more accessible than ever, especially for first-time buyers, upsizing, or those simply looking to relocate.
Its transparency means everyone can see the bids coming in. And once the auction ends, all parties are committed to a secure transaction.
A smarter way to sell, for everyone
With Conditional Auction, you can remove the unknowns and make your move feel more secure. If you’re looking for a faster way to buy or sell, auction could be the right fit for you.
Auction isn’t just for unusual properties or investor sales; it’s for all kinds of properties from city flats to family homes– take a look at what’s available right now.