Blog Post

Become a Property Auction Expert in 2025

Publish Date: 09 January 2025

By Jade Shrubsole

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Further reading

Why buy at auction in December?

How to Check If a Property Has Been to Auction Before

Here are 10 steps to help you become a property auction expert in the UK:

1.EIG Property Auctions

• Visit www.eigpropertyauctions.co.uk, the UK's leading property auction resource.
• Use their platform to research upcoming auctions, past sales data, and property listings. Their comprehensive database is vital for understanding market trends and making informed decisions.

2. Understand Auction Basics

• Familiarise yourself with how property auctions work. Learn the difference between unconditional (traditional) and conditional (modern) auctions, and what “guide price” and “reserve price” mean. What is a 'Guide Price?'

3. Research the Market

• Study the local property market in the area(s) you're interested in. Use history tools on EIG and Value tools such as www.englishhouseprices.com/ to track property values and market trends.

4. Develop a Niche

• Decide whether you want to focus on residential properties, commercial properties, land, or a combination. Specialising allows you to build deep expertise and spot undervalued opportunities.

5. Study Current Auctions

• Visit auctions (in-person or online) to observe the process and dynamics. Pay attention to bidding strategies, pricing trends, and auctioneer behaviour. 

6. Build a Network

• Connect with like-minded individuals, solicitors, and surveyors. These professionals can provide valuable insights, exclusive leads, and practical advice.

7. Master Due Diligence

• Always inspect properties in person when possible. Study the legal pack provided by the auction house and consult a solicitor for legal checks. Understanding a legal pack.

8. Secure Financing

• Arrange financing before bidding. This could be through cash, bridging loans, or auction-specific mortgage products. Remember, auction purchases often require a 10% deposit on the day, plus buyer’s premiums,other fees, and full payment within 28 days. Our friends at Together Finance can help. 

9. Practise Bidding Strategies

• Develop a bidding plan, including your maximum bid and a strategy for how and when to place bids. Stick to your budget to avoid emotional overspending.

10. Learn from Experience

• After each auction, analyse your performance and decisions. Note what worked well and areas for improvement. Over time, your experience will sharpen your skills and confidence.

By following these steps, consistently using tools like EIG Property Auctions, and staying proactive, you'll position yourself as a property auction expert in the UK.