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Buying and selling houses in eBay-style online property auctions, also known as the Modern Method of Auction, is increasingly popular, as it can be possible to purchase a property with a mortgage. So if you’re selling your property via a house auction site, make sure you find the best online property auctions in the UK.
We compare the main online property auctions in the UK — their size, fees and customer ratings in our table below so you can find the best online property auctions for you. And read on for more on what the Modern Method of Auction means for buyers and sellers.
| Name | Number of properties listed or sold (as of August 2024) | What they say | Features | Reviews | Buyer’s fees (inc VAT) | Seller’s Fees (inc VAT) |
|---|---|---|---|---|---|---|
| 3,378 | Online property marketplace that works with agents and auctioneers | Sellers can choose their auction duration and dates, giving them complete control over the sale. Choose from traditional (immediate online exchange) or conditional (reservation period) auctions. |
4.4/5 Trustpilot |
Estate agents and auctioneers set their own fees. Buyers need to check the buyer’s fee for each individual listing. | This is at the discretion of the agent. Sellers must check with their chosen agent whether there are any fees payable. |
| 3,805 | Works with local estate agents to get best of both worlds – local presence with ebay tech | Reservation Fee service offers 96% chance of completion. |
4.7/5 Trustpilot |
Buyers pay a Buyer’s Premium amount of £6,600. You may also need to pay an admin fee and legal pack fee. | £0 |
| 3,658 | Largest provider of online property auctions. Works with 6,000 estate agents | An alternative for motivated venders to sell their property in a transparent, speedy and secure way. |
4.4/5 Trustpilot |
Varies. Example includes 4.5% of purchase price, with a min £6,600. £300 for Buyer’s Information Pack. Some properties have Buyer’s Deposit which is part of purchase price. | Auction Pack fee if bought via I Am Sold is £445 on completion. |
| 313 | Most successful live-streamed property auctioneer | Offer online auctions, lasting up to 30 days, and online proxy access to traditional live auctions. |
4.7/5 Trustpilot |
4.8% of the purchase price on properties up to £250,000 OR 3.6% of the purchase price on properties over £250,000. Minimum of £6000 for conditional auctions. Fees vary for unconditional auctions. | £350-£500 for legal pack. Seller can choose to pay selling costs. |
The Modern Method of Auction is type of property auction that takes place online. The property will listed online for a fixed period of time, often 30 days, and people can bid on the property at any point. The highest bidder at the end of the period ‘wins’ the right to buy the property.
Unlike with tradition auctions, where you must exchange on the day and complete a month later, modern auctions are conditional. When the hammer falls, you must pay a reservation fee and you then have 28 days to exchange and a further 28 days to complete. Find out more in our guide Modern Method of Auction explained for housebuyers and sellers.
Buyers fees may affect your sale price: When you’re comparing the best online property auctions, don’t think the reservation fee and any other buyers’ fees don’t affect you just because you won’t be paying them.
If the online property auction firm you use charges buyers very high fees it may put them off bidding completely. Or they may simply knock this amount off the price they bid on your property.
Reservation fees are often at least £6,000 but can be much higher – and they go to the auction house not you. So be sure to look at this carefully when comparing the best online property auctions. If you’re thinking about buying a house via an online property auction, read our guide Modern Method of Auction: the pitfalls for buyers.
Check reviews: When you’re comparing the best online property auctions, be sure to check reviews. The headline figures on sites like Trustpilot can give a good overall picture. Take time to read reviews in detail too.
