Buyers hoping to avoid the additional costs from the government’s new stamp duty thresholds which come into effect from April 1 are flocking to auction sites to get deals done faster, according to Auction House.
The company says that February saw its highest week ever of bidder registration numbers for its national online auction, with more than an 85% increase in registrations recorded compared to the same time last year.
It says that high property auction activity is likely to continue at pace in the near future as the SDLT threshold change deadline gets nearer and slow conveyancing impacts private treaty sales.
Auction House’s national commercial director Oliver Prior says: “Traditional property auctions provide a fast-track solution. Exchange is immediate upon the fall of the gavel and completion occurs within the 28 days that follow. Auction is fast, straightforward and guarantees a sale once the hammer goes down.”
However, he says if buyers are tempted to explore the auction route to market then they must take a proactive approach.
“To avoid complications or delays, involve a solicitor early on and carry out financial due diligence as soon as you can. Relying on lenders can sometimes be a lengthy process, so engage with them right at the start,” he said.
Auction House has eight auctions taking place over the next two weeks, meaning there is still time for buyers to bid on a property and complete before the thresholds change, the company says.
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