An alternative to selling at auction
Selling at auction means a legal pack, a set reserve, and an 8 to 12 week cycle from entry to completion, with no guarantee the property sells on the day. A fixed-price cash sale skips the reserve and the marketing fees, gives you a written figure before you commit to anything, and can complete in as little as 7 days.
Want a guaranteed price instead of a guide price?
No reserve, no lot fees, no risk of the lot going unsold. You know the figure before you commit to anything.
What does selling at auction actually involve?
Selling a house at auction starts with instructing an auction house to enter your property into a sale, usually 4 to 6 weeks ahead of the auction date. You agree a guide price, which is published to attract interest, and a reserve, which is the confidential minimum you will actually accept. A legal pack covering title, searches and any leasehold information is prepared before the auction and made available to bidders. On the day, if bidding reaches your reserve, the highest bid wins and, in a traditional legal-completion auction, exchange happens immediately on the fall of the hammer. That is genuinely binding: neither side can walk away without breaching contract.
Guide price vs reserve, and why the gap matters
The guide price is a marketing figure, usually set below or around where you expect the reserve to land, to draw bidders in. The reserve is the actual floor price you have agreed with the auction house, kept confidential from bidders. If bidding stalls below reserve, the auctioneer will not sell, and the lot is recorded as unsold. Sellers sometimes set the reserve too high relative to real demand, which is one of the more common reasons a property fails to sell on the day.
What does the full cycle look like, start to finish?
| Stage | Typical timescale |
|---|---|
| Instruct auction house, agree guide price and reserve | 1 to 2 weeks |
| Legal pack prepared | 1 to 3 weeks, in parallel with marketing |
| Marketing period before auction date | 3 to 5 weeks |
| Auction day, hammer falls, exchange is immediate | 1 day |
| Completion after exchange | Usually 28 days, sometimes longer |
| Full cycle, entry to completion | 8 to 12 weeks, if the lot sells first time |
What does it cost the seller, in outline?
Sellers typically face an entry or catalogue fee, a commission percentage on the sale price with a minimum charge that can bite hard on lower-value property, and the legal pack cost. All of these figures vary between auction houses and are usually payable whether or not the property sells. See our detailed breakdown in how much it costs to sell a house at auction, and always check the specific auction house's published terms before entering a lot.
What is the risk if the property doesn't sell?
If bidding does not reach reserve, the lot is passed or withdrawn on the day. You have usually already paid for marketing and the legal pack, and some auction houses also charge an unsold or buy-in fee. You are then looking at either private negotiation with under-bidders, re-entering a future sale, or trying another route entirely, often weeks or months later than planned. Full detail is in what happens if a house doesn't sell at auction.
Where does a fixed-price cash sale differ?
We give you a written offer, typically 75 to 80% of independently assessed market value, with no entry fee, no commission and no legal costs to pay, because we cover those. There is no reserve to hit and no risk of a passed lot: once the offer is agreed after survey, it is locked in writing. Completion can happen in as little as 7 days or on a date you choose, and we buy as-is, including tenanted property and property with contents left in place. A genuinely competitive auction can still beat that price on development sites, unusual properties and plots with planning potential, where real bidding competition pushes value up. See the full side-by-side in cash buyer vs auction.
Common questions
- Is selling at auction faster than selling on the open market?
- The auction date itself can come round in 4 to 6 weeks, but legal completion still takes another 28 to 56 days after the hammer, so the full cycle is usually 8 to 12 weeks. That is often faster than a chain-based open market sale, but slower than a direct cash sale, which can complete in as little as 7 days.
- Do I have to accept the highest bid at auction?
- No. Bidding must reach your reserve before the property sells. If it does not reach reserve, the lot is passed or withdrawn and you are not obliged to sell at that price, though you will usually still owe entry and marketing fees.
- Can a house sell for more at auction than to a cash buyer?
- Yes, on the right property. Development sites, unusual properties and plots with genuine planning potential can attract competitive bidding that pushes the price above market value. A fixed cash offer is typically 75 to 80% of assessed market value, in exchange for certainty and speed.
- What happens to my legal pack if I withdraw before the auction?
- You have usually already paid for the legal pack to be prepared, and that cost is not normally refunded. Check the specific auction house's terms on withdrawal before entering a lot.
Want a guaranteed price instead of a guide price?
No reserve, no lot fees, no risk of the lot going unsold. You know the figure before you commit to anything.
Related guides
Selling at auction: pros and consA balanced look at who auction genuinely suits.
What if my house doesn't sell at auction?What happens when a lot is passed or withdrawn.
How much does it cost to sell at auction?Entry fees, commission and legal pack costs, laid out.
Modern method of auction explainedReservation fees, timescales and who really pays.
Selling a probate property at auctionWhy executors get pointed at auction, and what it costs the estate.
Cash buyer vs auctionTraditional auction, MMoA and a direct cash sale, compared.
What we payHow we calculate a cash offer on your property.