Brexit and the housing market: now's the time to bag a bargain at auction

Brexit is slowing down the housing market, with fewer properties listed for sale. But you could still get the house of your dreams at an auction

couple buying or selling their home
(Image credit: Getty)

Brexit is continuing to wreak havoc on the UK housing market, with one of the biggest problems for current would-be buyers being the reduced supply of properties for sale across the UK. At the same time, sellers in many parts of the country are reporting difficulties selling, with properties in London and south east England taking the longest to sell. 

These factors are contributing to increased instances of property chains collapsing, with people unable to move either because they can't sell their current home, or because they aren't able to find a suitable property to move on to. 

One solution, of course, is to stay put and see what happens with Brexit – but, as we reported a couple of weeks ago, property experts are advising against delaying moving house purely for the sake of waiting for things to improve. 

Buying a house at auction could be the better solution if you want a quick transaction that will allow you to move into the new property this year. The advantage of buying at auction is that the house is legally yours as soon as the auction has closed. 

It's true that you will need a 10 per cent deposit ready straightaway, and a mortgage agreed in principle before you bid for the property, but if you are the lucky winning bidder, there is no further waiting for a seller who might end up changing their mind, and no fear of being gazumped. 

On the other end of the equation, if you're looking to sell a property fast, with the guarantee of the sale not falling through, an auction could be your best bet right now. It is true that you'll need to pay the auctioneer a commission – around 2.5 per cent of the final sale value – but if you want the certainty of a quick sale (and money in the bank within a month), then it can still be worth it. 

Want to know more? We have a guide to buying a house at auction.