Sarah Beeny’s 5 golden rules for buying at property auction – and the odd-number trick that could save you thousands
Buying at a property auction can feel like the quickest way to
grab a bargain, with guide prices that look far cheaper than the
open market. Yet one raised paddle too many can leave you locked
into a contract, 10 percent down, and stuck with expensive problems
you never spotted.
Property expert and TV presenter Sarah Beeny, known for shows
like Property Ladder and I Bought It At Auction,
has distilled years of experience into five simple rules for anyone
bidding in England and Wales. Follow them and an auction home can
be a smart move; ignore them and the “deal” can unravel very
quickly.
Sarah Beeny’s essential prep before you bid at a property
auction
Sarah Beeny’s first message is straightforward: do as much
research on the property as you possibly can with both the local
authority and the auction house. That means checking planning
history, enforcement notices, nearby developments and anything in
the small print that might affect how you can use or extend the
home.
She also steers buyers towards the legal pack, which usually
includes the title documents, searches, special conditions and, for
leasehold, key lease information. A solicitor should review it
before you bid, because in a traditional auction you exchange
contracts the moment the hammer falls and typically have 28 days to
complete.
Some lots are sold via the Modern Method of Auction, where you
pay a reservation fee of around 5 percent and usually get about 56
days in total to exchange and complete. The time frame is kinder,
but those fees are often non-refundable if the purchase falls
through, so you still need that legal review up front.
On top of the paperwork, Sarah Beeny stresses how important it
is to look properly around the house and the area. Visit at
different times of day, notice traffic, noise, parking, schools,
transport links and anything that would matter if you actually had
to live there or rent it out.
Money rules: surveys, hidden costs and Sarah Beeny’s maximum
bid trick
One of her most practical points is about surveys. A full RICS
survey or at least a detailed inspection can feel expensive if you
do not win the lot, but properties are sold “as seen”, so hidden
issues with structure, damp or the roof become your problem the
second you succeed.
If you truly cannot justify a formal survey on every lot, she
suggests getting someone you know who understands buildings to look
at it for you. A trusted builder or architect can often spot
obvious red flags that a first-time buyer would miss in a
ten-minute viewing slot.
Her third tip is to remember all the extra legal and auction
costs when you do your numbers. Stamp Duty Land Tax applies once
the price goes above £125,000 for a standard residential purchase,
and you may also face auction charges, a buyer’s premium, legal
fees, search costs, survey fees and mortgage arrangement
charges.
You also need money ready on the day for the deposit or
reservation fee and any buyer’s premium. Then there are renovation
costs, a contingency pot, insurance and the value of your own time
if the property is a heavy project rather than move-in ready.
Only once you have this full picture does Sarah Beeny suggest
setting your top price and sticking to it. She even recommends
picking an odd number, because many bidders choose a rounded figure
where they stop, so that last small jump can be enough to win.
On the day: bidding smart and checking
listed and conservation rules
Auction rooms, whether in person or online, are designed to
build tension, so it is easy to get swept up and blow past the
ceiling you set at home. Sarah Beeny’s second rule matters here:
decide your maximum in advance, write it down and refuse to go a
single increment beyond it once bidding starts.
Her twist is the “weird number” tactic, where you make your
limit something slightly unusual rather than a neat round sum. If
others cap themselves at, say, £210,000 and you have carefully
costed a maximum of £211,500, that extra bid can tip the balance
without wrecking your budget.
Her final essential tip focuses on character properties. If the
house is listed or sits in a conservation area, she urges buyers to
research fully what is allowed before going ahead, using the local
authority’s website and conservation guidance to see how tightly
alterations are controlled.
Listed status or conservation rules can dictate everything from
windows and roof materials to extensions and external paint
colours, which in turn reshapes your renovation plans and costs.
Works done without consent can even be forced to be reversed, so
this check is vital before you fall for a pretty façade.
- Research the property with the auction house and local
authority. - Arrange a survey or take someone who knows buildings.
- Add every fee and tax, including SDLT and auction charges, into
your budget. - Walk the house and area thoroughly at different times.
- Confirm any listed or conservation status and fix an odd-number
maximum bid in advance.
