Be in your new home for Christmas by buying through auction

Property experts, My Auction, say there is still time to find your new home and be in by Christmas. Buying a home through a property auction allows sales to complete in just 28 days, which leaves just enough time to find and secure your dream home and move in before Christmas Day.

Stuart Collar-Brown, founder and director of My Auction, said: “We have seen an increase in lots coming to market in the latter half of the year as sellers look for a quicker way to sell their properties, with more security and certainty that the sale will go through. This has increased against the backdrop of the current market where property transactions have almost stagnated amidst so much uncertainty in the economy.”

Once an auction takes place, buyers are locked into contract from the moment the gavel falls, giving them 28 days or less to complete. This means that those looking to be in their new home by Christmas still have time to move if they buy at auction. My Auction’s penultimate auction of the year will take place on 22nd November 2023, which will be the last auction where you can complete and get the keys by Christmas.

Because when buying a property at auction the searches and legal packs are already completed by the time the auction happens, the possibility of any delays and hold-ups are eradicated providing certainty and assurance that completion will happen in time.

My Auction suggest five top tips to preparing for auction day to ensure you can be in by Christmas:

1. View the property – take time to ensure you know exactly what you are bidding for on auction day and avoid any surprises once the purchase is complete
2. Seek legal advice – ask a solicitor to review the legal pack to ensure everything is in order
3. Do your research – make sure you take time to get to know the surrounding area and what similar properties are worth to ensure the property is a good investment.
4. Get your finances in place – many people believe that it is not possible to purchase a property at auction using a mortgage. This is not the case. Ensuring you have your finances in place and a mortgage agreement in principle is essential prior to auction day. A deposit will need to be paid once the auction closes.
5. Know your limits – ahead of auction day, make sure you do your homework and have an amount in your mind that is affordable. Be sure to stick to this limit at the auction and don’t be tempted to go too far above what you are prepared to pay.

Stuart Collar-Brown, Co-Founder and Director of My Auction, said: “Christmas is quickly approaching and we always see intense pressure from buyers who desperately want to be in their new home in time to celebrate Christmas. While time has run out to buy a home through the traditional route, property auctions offer a very possible solution to this.

“We must bear in mind that the market we’re in is very different to how things were just 12 months ago. One of the reasons for so much stagnation is that sellers expectations are way too high and have not adjusted in the current market. Many are optimistic with their pricing and unless they are prepared to take a drop, they may find their property continues to sit on the market for quite sometime. For those that are ready to offload stock, auctions offer a viable to do this, and quickly.”

My Auction’s next auction goes live on 22nd November 2023. Current lots can be found here: https://my-auction.co.uk/buying/