Under the hammer: a guide to buying or selling property at auction

Knight Frank’s first auction of 2025 takes place on Thursday 13th February with a range of both residential and commercial properties. Among the lots are period and Grade II-listed homes with prestigious addresses in Chelsea & Kensington and Marlborough, apartments in Wandsworth and Kent, offices in London SW4 and SW6, land in Bournemouth and Hertfordshire and mixed-use sites in Leicestershire and Wiltshire.

This wide variety is just one of a number of reasons why the popularity of auctions continues to grow says Richard Watson, Head of Knight Frank Property Auctions.

“Auctions are an increasingly popular choice for those buying and selling property,” he says.  “Over recent years, we’ve shown that auctions cater for a wide range of budgets, property types and clients, selling properties ranging from under £100,000 to over £8,000,000. It’s an old myth that properties sold at auction are distressed sales. That simply isn’t true anymore as we have demonstrated, repeatedly bringing high-value commercial and residential property successfully to auction.”

A Grade II-listed Victorian townhouse for sale in Marlborough, Wiltshire. Guide price £700,000+

What auctions do offer is speed and certainty, the two key reasons clients choose them as a route to market. “Some clients chose to sell at auction because they have had two or more sales fall through and are fed up with the delays that causes. They want surety,” says Watson. “These clients often do not necessarily need to sell quickly but they are eager to move on with their lives and the known deadline that an auction provides will accelerate the process, a clear benefit to clients.”

An additional reason to choose Knight Frank Property Auctions is the expertise and global reach within the Knight Frank network. Access to the UK branch network and multiple service lines adds detailed and invaluable local knowledge, while overseas offices in Australia, Asia, the Middle East and the USA provide introductions to a vast international database of purchasers and high-net-worth individuals looking to invest in the UK. 

A Grade II-listed property for sale in Parsons Green, London. Guide price £1,400,000

This collaboration within Knight Frank and the unrivalled global exposure it provides gives a unique advantage that adds enhanced results and true value to clients and helps to explain the auction team’s success at achieving market value.

“Landlords looking to maximise their income are another group who understand the value in an auction,” says Watson. “They appreciate the ability to choose whether to buy or sell with tenants in situ or vacant possession, both commonly found at auction. The costs of holding an empty property can soon escalate and auction can help minimise potential outgoings.”

Watson and his team can also, on request, launch high-value properties to auction on an individual basis, rather than as part of a wider sale. “This provides all the benefits of an auction along with greater exposure for the property,” says Watson. “In general we choose this method for properties that stand out in some way or have a very specific buyer profile.”

A further trend that Watson has seen grow over the past decade is property funds using auctions as a route to buy and sell, and the auction team has expanded to follow up this development. “It further supports the message that if you have high-value stock, come to Knight Frank Property Auctions to achieve your goals,” says Watson.

2 bedroom flat in Chelsea, London. Recently sold at auction for £900,000

The Auction Process

Auctions have an assured timeline and an open and transparent process. Most auctions are conducted under unconditional contracts, a traditional process that is legally binding. Contracts are typically exchanged on the day of the auction with completion following around four weeks later.  The fastest deal that Watson has overseen took just 15 days from first contact with the client to the auction sale, speed that he believes no other property team could match.

Knight Frank has eight dates for auctions in 2025, with each sale conducted by head auctioneer Peter Mayo and live-streamed via a London-based auction studio. Bidders can choose to purchase online, by proxy or via telephone bidding and our dedicated in-house mortgage team, Knight Frank Finance, can assist with mortgages for property bought at auction.

Knight Frank’ next auction will be held on 13th February 2025. For further details, or to learn more about how Knight Frank Property Auctions can help you, please contact Richard Watson.