A faster way to buy and sell property
Foxtons auctions are straightforward and user-friendly, offering another route for our sellers and buyers who want a quicker timeline.
Property auctions have been commonly associated with distressed properties. However, there are so many other reasons to consider a modern online auction; they are fast, accessible and very well-organised. Through our partnership with BidX1, the Foxtons Auction team have helped homeowners across the country fulfil their property aspirations, from detached family homes in Liverpool to luxury apartments in Chelsea.
Selling through Foxtons Auctions
Advantages of selling through Auction
Property auctions have been commonly associated with distressed properties. However, there are so many other reasons to consider a modern online auction; they are fast, accessible and very well-organised. Through our partnership with BidX1, the Foxtons Auction team have helped homeowners across the country fulfil their property aspirations, from detached family homes in Liverpool to luxury apartments in Chelsea.
- Breathe easy with a faster sale. Auctions take us an average of 71 days from instruction to exchange. If you've experienced a lengthy, drawn-out property sale in the past, you'll appreciate the peace of mind a faster sale provides.
- More buyers, better competition. Buyers can purchase through Foxtons Auctions whether they're buying with cash or on a mortgage. Foxtons and BidX1 buyers can all participate, so you have a wider range of applicants.
- Best market price. The majority of Foxtons Auction properties sell at above the marketed price. We will continually conduct viewings until the property exchanges, so you have a clear view of your property's worth in the current market.
- No hidden fees. If you're selling with Foxtons Auctions, the costs are no different than the normal sales process. No surprise listing, removal or marketing fees.
The selling process
Making a plan
The first step is to book a free auction appraisal.
We conduct thousands of valuations every month giving us an intimate and unparalleled knowledge of property values.
At an auction appraisal, an expert will discuss what your property could achieve in the market and provide reliable answers for any questions you have. With a full understanding of your property and the market, we can assist you in setting a guide price and reserve price.
If you instruct the Foxtons Auction team, we'll create a custom marketing plan for your property. We'll organise professional property photography, get it well positioned on aggregators like Zoopla and Right Move and manage the property asset on our partner platform, BidX1.
Completing an Auction Pack
We complete viewings as frequently as possible to attract the widest range of buyers to your property.
Buyers at a viewing can place a bid right away instead of waiting for the auction day, and you have the right to accept or reject these prior auction bids. If you accept a bid, the buying process commences. We have conducted many sales this way, prior to auction.
Viewings
To participate in an auction, you will need to instruct your solicitor to create the required Auction Pack. This pack includes every document a buyer needs to make a firm decision quickly. With access to this information, buyers can confidently place bids so it is unlikely there will be complications later in the sale.
Auction day
A fair and transparent auction:
All buyers are pre-qualified and submit a buying deposit, so buyers and sellers are assured all bids are genuine. The current bid, previous bids, guide price and reserve price are all public, so there are no surprise bids.
In the event of a last-minute bid, the auction will remain open one minute longer, and continue this way until bidding stops. This ensures all buyers have a chance to respond, and you get the best price possible.
A successful sale:
Once the reserve price met, the highest bidder exchanges via the platform. If the reserve price isn't met by the time the auction ends, you can choose to exchange with the highest bidding buyer.
Buying through Foxtons Auctions
Advantages of buying a property at auction
Auction deals take approximately half the time of a traditional property purchase, so there's a much higher chance that you can see your purchase completed without a hitch.
But speed isn't the only advantage of Foxtons Auctions:
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Opportunity
We introduce our sellers to auctions, so you have a much wider range of properties to choose from. In London and across the UK, we have everything from renovation projects and Victorian and Edwardian terraced family homes to luxury city apartments. Typically, these properties are priced to encourage a faster sale, so you can achieve excellent value for money.
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Transparency
Whether you're a first-time buyer or a seasoned investor, we will ensure you can transact with confidence. You'll have access to a complete Auction Pack of the property and all bids are public, empowering you to act when it's time to bid.
The buying process
Registration
If you see a property you'd like, get in touch and we'll send an Auction Pack and arrange a viewing to ensure you have all the information you need. You can place a bid prior to the auction
We will guide you through BidX1's easy registration process. We favour the user-friendly BidX1 platform, which is popular with everyone from frequent investors to first-time buyers.
Once registered, you will need to send a buyer's fee and a percentage of the property deposit, so BidX1 can ensure all bids are valid. If you do not place the winning bid, your deposit will be returned.
Auction Day
Like everyone involved, you'll see who is bidding, how much they bid and when they bid, so you won't be competing against anonymous phone bids. If you win, your fee and the rest of the 10% deposit on the property will be taken. (The fee will be refunded in the rare occasion that there is a fault from the seller.) The contracts will be sent, and you'll have 20 days to complete the purchase.
Meet the Team
Our team of experts are ready to answer all your questions, and help you become fully prepared to participate in your chosen auction:
Joe Darnell
Joe has spent over a decade in the property industry developing a thorough understanding of the sales cycle. His extensive experience in facilitating deals for London's landlords and sellers makes him exceptionally well placed to offer his clients comprehensive property advice on the auction route to sale.
Joe's breadth of knowledge on the process will guide clients through an auction sale from start to finish, delivering an exceptional service and transparency throughout.
Kieran Barry
As an Auction Advisor within the Foxtons Auction team, Kieran uses his wealth of experience to advise clients on managing the sales process successfully.
Kieran started his career at Foxtons in 2014 as a move consultant, where he focussed on developing relationships with vendors and landlords interested in the Putney and Wandsworth area. Within the year, he was promoted to lead the Crystal Palace office. Through his work, he gained valuable insight into what clients need and expect when selling London property.
Ahmed Ali
Ahmed started his career at Foxtons in 2019 as a Move Consultant. He was a member of the South East division and was responsible for bringing stock to market in the Greenwich, Blackheath and Dulwich areas. Having learned his trade on a fast paced and dynamic sales floor, he was given the opportunity to join the newly established Foxtons Auction team. In the years Ahmed has spent with Auctions, the department has gone from strength to strength - they had a record year in 2022, selling over 142 properties.
Book a free auction appraisal
Book a viewing for an auction property
