Buying at auction for the first time

1. Register and set up alerts

Create a free bidder account on the auction platform and verify your ID. Tell the auctioneer what you're looking for, such as area, budget and property type, so you hear about matching lots before auction day.

2. Do your homework on the lot

• View the property or arrange for someone you trust to view it.
• Read the legal pack, ideally with a solicitor. See our legal pack guide.
• Check the auction method: traditional or conditional changes your deposit and timeline. Our comparison explains both.
• Get quotes for works if the property needs renovation.

3. Have your money ready

When you win a traditional auction you exchange contracts on the spot, so you need your deposit available on the day and the rest of the funds ready to complete, usually within about 28 days. Buyers typically use cash, bridging finance or a mortgage arranged in advance. Talk to a broker before you bid, not after.

4. Set your maximum bid and stick to it

Work out the most the property is worth to you once every cost is included, then decide your limit before bidding opens. Online auctions can move quickly in the final minutes, and it's easy to get carried away.

5. Bidding

On our platform you can see every competing bid and the clock. Many online auctions extend the timer if a bid comes in near the end, so nobody can snipe the lot in the last second. Bid steadily and keep an eye on your limit.

6. You've won: what happens next

• On a traditional lot, contracts exchange and you pay your deposit straight away.
• On a conditional lot, you pay a reservation fee and exchange within the stated period.
• Arrange buildings insurance from exchange, since the risk usually passes to you then.
• Your solicitor completes the purchase and you collect the keys.

If your bid doesn't reach the reserve, the lot may still be available after the auction. Ask the auctioneer about post-auction offers.