Gone are the days of physically visiting auction houses to browse property listings. The property auction scene now unfolds right from your living room and changes how we find and track opportunities across the UK.
Property auctions UK have become easier to access whether you’re looking for new homes, investment properties, or commercial premises. PropertyAuctionAction.co.uk offers detailed listings and complete catalogues online that make tracking upcoming auctions simple and straightforward.
Finding the right auction at the right time can feel overwhelming. We created this piece to help you become skilled at tracking auction dates the quickest way possible. Our guide shows you everything from using specialised philtres to monitoring specific areas and dates to remain competitive in the market.
Understanding UK Property Auctions
UK property auctions have seen incredible growth. Sales jumped by 62.9% from 2021 to 2022 [1]. The UK market works through two main approaches: traditional auctions and the Modern Method of Auction (MMoA).
Traditional Property Auctions Traditional auctions happen in physical venues or through live streaming platforms. The highest bidder wins the property once the auctioneer’s gavel falls [2]. Each property has two vital price points. A guide price appears in the auction catalogue along with a secret reserve price that must stay within 10% of the guide price [3].
Buyers who win a bid in traditional auctions must:
- Pay a 10% deposit immediately
- Exchange contracts on the same day
- Complete the purchase within 28 days
Modern Method of Auction (MMoA) The Modern Method gives buyers more flexibility through an online platform. Bidding stays open for about 30 days [4]. Winners of a bid need to:
- Pay a non-refundable reservation fee (usually 5% of the purchase price)
- Get 28 days to exchange contracts
- Have an extra 28 days to complete the purchase
The MMoA’s reservation fee needs careful consideration. It adds to the sale price and could affect stamp duty calculations if the property moves into the next tax bracket [2].
Market Dynamics Cash buyers and experienced investors love traditional auctions, especially for properties that need renovation [3]. MMoA draws a wider range of buyers. First-time buyers and people who need mortgages find it attractive because of the longer completion timeline [4].
The digital world has brought new hybrid formats that blend traditional ballroom benefits with online access [1]. Buyers can now:
- Attend in person
- Place proxy bids
- Bid online
- Join by phone
Your choice between auction methods depends on your situation, the property’s condition, and your timeline. Traditional auctions give you immediate certainty. MMoA offers more flexibility and could bring higher sale prices for properties in good condition [1].
Essential Tools for Auction Tracking
Property auction tracking works best when you combine digital tools with automated alerts. Many platforms give you smart tracking features so you won’t miss any chances.
Property Alert Services HM Land Registry’s Property Alert service sends free email notifications about specific properties [5]. The service gives instant alerts for the most important activities like new mortgages or changes to property records. Each alert will give you details about who applied and when changes were made [5].
Auction-Specific Tracking Tools Modern auction platforms let you search properties all over the UK. These tools watch auction catalogues and notify you based on what you’re looking for [6]. You can set alerts for:
- Property type and location
- Price range
- Auction dates
- Legal document updates
Online Property Portals Rightmove’s alert system lets you choose how often you get updates – from instant to weekly digests [7]. The platform helps users:
- Save searches they like
- Get alerts for specific areas
- Create property shortlists
- Use their account on any device
Digital Auction Platforms Advanced auction software now handles nearly £1 billion in property sales each year [8]. These platforms show up-to-the-minute data on:
- Ask prices and increments
- Number of active bidders
- Where bidders are located
- Legal document exchanges
Mobile Applications Modern auction platforms have their own apps for Android and Apple devices [8]. These apps give you:
- Account management tools
- Live bid tracking
- Quick notifications
- Access to documents
Integration Capabilities Leading auction platforms blend with major property websites through API connections [8]. This helps spread listings widely while making tracking easier.
PropertyAuctionAction.co.uk shows auction listings and dates from all over the UK. The platform makes searching simple by pulling information from auction houses of all sizes, which helps you track upcoming property auctions nationwide.
Setting Up Your Tracking System
You need a quick way to track property auctions with good organisation and the right digital tools. Here’s how to build a reliable tracking system that keeps you updated about every good chance in the market.
Setting Up Property Portal Alerts Start with a Rightmove account to tap into their detailed alert system [9]. Once you sign in, you can set up your property alerts by:
- Setting your preferred price ranges and property types
- Getting instant alerts for competitive areas
- Saving searches you use often
- Creating lists of properties you like
Customising Auction Platform Notifications Your auction alerts should match what you’re looking for. The dedicated auction platforms let you set up to 50 different search alerts [10]. These alerts track:
- New properties that match what you want
- Changes in prices and auction updates
- New legal documents
- What’s happening with bidding
Creating an Excel-Based Tracking System A well-laid-out spreadsheet will help you monitor auction activities better [11]. Your tracking template needs:
- When auctions happen and key dates
- Lists of properties and their details
- Who’s bidding
- Money matters
- Sheets that update automatically
Managing Alert Frequencies Rightmove gives you four ways to get alerts based on what works for you [7]:
- Right away for hot markets
- Once a day
- Every three days
- Weekly updates
Organising Your Digital Workspace A good system helps you handle all the information coming in. Make folders for:
- Property details and photos
- Legal papers
- Auction catalogues
- When to view properties
PropertyAuctionAction.co.uk combines listings from auction houses nationwide. Their platform helps you set up alerts that match your property search needs.
Note that you should check and update your tracking settings regularly. Market conditions and your needs might change, so update your alert preferences through your dashboard [7]. This way, you’ll stay focused on what matters and avoid getting too many irrelevant alerts.
Conclusion
Property auctions have evolved into a sophisticated digital marketplace. Buyers can now easily find and track potential investments across the UK. Traditional and Modern Method auctions give buyers flexibility based on their needs.
A good auction tracking system needs property alerts, digital tools and systematic records. PropertyAuctionAction.co.uk serves as your central hub to find and monitor property auctions nationwide. The platform provides complete listings from auction houses of all types.
Setting up the right tools and consistent monitoring practises will help you excel at property auction tracking. Your system should adapt to changing market conditions. This helps you spot opportunities quickly while focusing on properties that match your criteria.
Note that proper auction tracking can determine whether you secure a profitable investment or miss prime opportunities. Your property auction trip begins at PropertyAuctionAction.co.uk. The platform has everything you need to track UK property auctions like a professional.
FAQs
Q1. How do I set up alerts for UK property auctions? You can set up alerts through property portals like Rightmove and dedicated auction platforms. Create an account, define your search criteria including price range and property type, and choose your preferred notification frequency. Some platforms allow up to 50 separate search alerts to help you track new listings, price changes, and auction updates.
Q2. What’s the difference between traditional auctions and the Modern Method of Auction? Traditional auctions typically require immediate payment of a 10% deposit and completion within 28 days. The Modern Method of Auction (MMoA) offers more flexibility, with a non-refundable reservation fee and a longer timeframe for completion, usually 56 days in total. MMoA tends to attract a broader range of buyers, including those needing mortgage finance.
Q3. Are there any free tools available for tracking property auctions? Yes, HM Land Registry offers a free Property Alert service that sends email notifications about specific properties. Additionally, many online property portals and auction platforms provide free basic alert services that can be customised to your requirements.
Q4. How often should I review my auction tracking parameters? It’s advisable to regularly review and adjust your tracking parameters, especially as market conditions change or your property requirements evolve. Most platforms allow you to easily update your alert settings through your account dashboard, ensuring you maintain a focused search without being overwhelmed by irrelevant notifications.
Q5. Can I track auctions across multiple auction houses in one place? Yes, there are platforms that aggregate listings from various auction houses nationwide. For instance, PropertyAuctionAction.co.uk offers comprehensive listings from multiple auction houses, allowing you to set up personalised alerts that align with your property search criteria across different providers.
References
[1] – https://www.propertyauctionaction.co.uk/uk-property-auctions-compared-which-one-should-you-choose-to-sell-your-house/
[2] – https://www.insight-law.co.uk/blog/a-guide-to-purchasing-properties-at-auction/
[3] – https://www.homesellingexpert.co.uk/guides/traditional-auction-vs-modern-auction
[4] – https://www.eigpropertyauctions.co.uk/news/blog/two-types-property-auction
[5] – https://www.gov.uk/guidance/property-alert
[6] – https://www.eigpropertyauctions.co.uk/search/auction-alert
[7] – https://faq.rightmove.co.uk/support/solutions/articles/7000048758-how-to-register-for-property-alerts
[8] – https://www.auctionmarketer.co.uk/auction-category/property
[9] – https://www.rightmove.co.uk/news/articles/property-news/instant-property-alerts/
[10] – https://support.bidspotter.co.uk/hc/en-gb/articles/115000060614-What-are-Auction-Alerts
[11] – https://www.besttemplates.com/excel/auction-tracking-excel-template?srsltid=AfmBOopKns46V7Z_1OOmesSlzn0-ARpOGC1gMVs2QaZrhhYOJv3KAqZ7