Home movers love the speed & certainty of auctions

Posted on 25 May, 2021

Property auctions are saving the day when it comes to completing before the stamp duty holiday deadline but movers are already aware of the benefits, reveals Viewber’s Attitudes to Property Auctions survey.

The looming end to the stamp duty holiday has sent many buyers into a tailspin, with a rapidly closing window and narrowing purchasing options. The first deadline of 30th June is weeks away and when we saw the headline ‘auctions now the only place buyers can make the stamp duty deadline’, we had to agree.

 

Auctions - not just for stamp duty deadlines

Although many purchasers are turning to property auctions in order to complete before the tapering of the stamp duty discount starts and the holiday ends altogether on 30th September 2021, our Attitudes to Property Auctions survey revealed that home movers realise that speed isn’t the only benefit of engaging with an auction house.

Buyers after a bargain... and certainty

Our survey featured an open-ended question, asking buyers what appealed to them most about purchasing a property at an auction. The overwhelming feedback mentioned the certainty aspect, especially the exchange of contracts when the gavel falls. Respondents felt auctions were transparent, quick and easy, with securing a property on the day a massive perk. Also high on the list of appealing auction aspects was the opportunity to pick up a bargain, with respondents citing ‘getting a property cheaper’, ‘value for money’ and ‘price’ as reasons to buy at auction. 

For those striving to meet the June stamp duty deadline - and the subsequent £250,000 cut off in September - a property auction should be a serious consideration. Amazingly, 36.7% of our survey participants didn’t know exchange happened instantly, so there is still some education to do among home buyers.

Sellers love instant exchange...and healthy competition

Vendors were also asked what appealed to them most about selling a property at an auction. Mirroring the sentiment of buyers, they found the instant exchange aspect of particular benefit, with one respondent saying that they loved ‘getting the deal done on the day: no messing around by a purchaser who potentially wants to renegotiate’. Words including ‘quick’, ‘straightforward’, ‘instant’ and ‘speed’ also featured in participants’ answers. 

Interestingly, the sellers taking part in our survey saw an auction as an advantage to achieve a higher price for their property. Comments included ‘possibly getting more money’ and ‘even achieving lots more than the reserve’ were noted, reflecting the opportunity for purchasers to outbid each other and push up the final sales price.

Online versus in-the-room auctions

Our survey results also showed respondents were split on the matter of online versus in-the-room auctions. While some found online auctions saved them time, gave them more control, felt more efficient and removed the emotional aspect - with one participant saying they’d feel less likely to over-bid during an online auction, and another citing the potential to feel intimidated during an in-person event - others preferred the physical sale room set up. Reasons for this included seeing who the buyer was up against, weighing up whether rival buyers were owner-occupiers or developers and enjoying the theatre of the event. 

An auction style for everyone

“While some buyers liked the slower pace of an online auction as it gave them more time to think about their pricing strategy, others love the speed of an in-the-room auction, where a lot can be concluded in as little as 5 minutes,” comments Ed Mead, Viewber’s founder. “It’s great to read that respondents are warming to online auctions because ‘they are used to buying things on the internet’ but with a loosening of lockdown restrictions, we know many buyers and sellers will be glad to get back into the sale room. There is definitely space for both options, as our survey results show, with everyone appreciative of the instant exchange and clarity of the auction process.”

Can Viewber help? 

If you are an auctioneer and would like to facilitate the listing and sale of more properties - showing more potential buyers around in the process - speak to Viewber today. Likewise, we can undertake property viewings on behalf of auction buyers, especially if they are likely to bid on multiple properties in different locations. 

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