Got a property that needs some serious TLC? Selling a renovation project at auction is often the fastest, most effective way to find the right buyer. Whether it’s a dated bungalow, a derelict house, or a flat that’s seen better days, auctions attract developers, investors, first-time buyers, and cash buyers who are actively looking for properties with potential.
Why Auctions Work for Renovation Projects
Selling at auction is ideal for properties that need modernisation, as:
Buyers expect to do work – no need for costly upgrades beforehand.
Competitive bidding can drive up the price.
The sale is fast and legally binding.
Ideal for unusual, unmortgageable or vacant properties.
What Kind of Properties Sell Well for Renovation?
- Homes in need of full refurbishment
- Derelict or fire-damaged properties
- Properties with structural issues
- Ex-local authority housing
- Flats with short leases
- Inherited homes or probate properties
How the Auction Selling Process Works
If you are happy with the Valuation and decide to progress, below is our step-by-step guide to selling your property at auction:
1. Instruction and Setting A Guide Price
It is important to note that an auction valuation of your property may differ from that of an estate agent. The price indicated in both types of sales serves as a starting point. In the open market, potential buyers typically attempt to negotiate the price downward. In an auction, the objective is to stimulate competitive bidding and drive the price upward.
We strongly advise against setting a guide price that is excessively high, as this can discourage potential buyers. Properties that yield the greatest success usually possess a guide price that generates interest and encourages competitive bidding. A compelling guide price has the potential to lead to a higher sale price.
Once a suitable guide price and sale commission fee have been decided, you will receive an auction agreement to sign and return before marketing begins. This acts as a formal instruction to the auction house, and is the first official step towards selling your property. Under Anti Money Laundering Regulations, proof of your identity and address is also required before we can market your property.
2. Market your property
A member of the auction team will usually inspect your property, take measurements where appropriate, and the property will be photographed. Draft sales particulars will then be sent to you and your solicitors for approval.
As well as appearing on all the major property portals, details of your property will be circulated to thousands of people, including adjacent occupiers, local agents, local developers, builders, and property companies, as well as individuals who have previously expressed an interest in similar properties for sale.
3. Get your paperwork in order
Your solicitors will be instructed to prepare a legal pack containing special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries. This is done in order to have everything ready for dispatch to interested parties, but before anything is sent out draft sale particulars will be sent to you for approval and/or amendments.
It is a legal requirement to undertake an AML (Anti-Money Laundering) check for each seller before the auctioneer can start marketing. A seller will usually be asked to provide 2 forms of identification (1 photo ID such as your passport or driving licence and 1 proof of address such as a bank statement or utility bill no more than 3 months old) at the time of instruction so this doesn’t cause a delay.
4. Organise viewings
Regular viewings of your property will be carried out at pre-arranged times. These viewing times will be published in the property catalogue and online.
5. Manage early offers
During the marketing period, our auction experts will log all interest and enquiries and maintain close contact with potential buyers and sellers, reporting on any offers made prior to auction day. You can accept offers made ahead of auction day. Offers will be sent in writing or by e-mail to the auctioneer. You are under no obligation to withdraw the property from the auction until contracts have been exchanged.
6. Set a reserve price
Prior to selling at a property auction, a reserve price will need to be agreed. This is the lowest price you are prepared to accept for your property, and the auctioneer will not be authorised to sell below this level. It is important the reserve price is set at a realistic and achievable level.
7. Auction day
Depending on demand for your property, the atmosphere of the auction room can be extremely exciting – and you may or may not choose to attend the live auction. The fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit upfront, usually 10% of the purchase price, which you will receive upon completion, minus the auction house’s fees.
Many auctions now take place online, allowing you to follow the bidding via the auctioneer's website.
Under Anti Money Laundering Regulations, the auctioneers carry out full checks on all buyers and bidders before the auction. Completion typically happens 20 working days after the auction when the full balance of the purchase price is payable. Prices achieved at auction can often be higher than those achieved by private treaty, i.e. through an estate agent.
8. If the reserve price is not reached
If your property fails to meet its reserve price at auction, someone may still wish to buy it. You will need to decide whether to accept any subsequent offer and advise our auctioneer accordingly. We will contact all previously interested parties and invite best bids. It is quite common for sales to be agreed immediately following the sale when post-auction interest is at its strongest.
To get started, simply request our no-obligation, free property valuation or call 0203 6039530 for a chat.
Why Use UK Auction List?
We’ve been helping sellers reach serious buyers since 2002. With a UK-wide audience and direct links to auctioneers, we help maximise your property’s exposure. You’ll also find renovation projects listed every day on our platform, so can get an idea of how properties throughout the UK are priced to sell.
Explore our listings to see what's currently for sale by auction and find out about the Benefits of Selling at auction in our handy guide.
Top Tips for Selling a Renovation Property
- Be honest – show the current condition in photos and descriptions
- Get your paperwork in order early
- Don’t overspend on improvements – let the buyers do the work
- Set a realistic guide price to encourage bidding
- Consider including architect drawings or planning info if available to help create a vision of the property's potential
Ready to Sell Your Renovation Property?
If you have a fixer-upper and are ready to sell, fill in our quick online form, and we’ll connect you with an experienced auctioneer who can guide you through every step.
For more information on the selling process, check out our Guide to Selling at Auction.