Buyers wanting to get into a new home before Christmas still have time if they snap up a deal at auction.
Buying a home through online property auction allows sales to typically complete in less than six weeks, with the average auction transaction time currently between five and six weeks from the moment the auction finishes.
This means any would-be buyers securing a deal this week should be in thir new home before Christmas and ready to put the tree up.
Robin Rathore, Chief Executive of Bamboo Auctions, says: “Transaction times for a traditional treaty sale are getting longer and longer.”
FASTER AND MORE EFFICIENT
And he adds: “Everyone wants to be in their new home by Christmas. We have seen an increase in properties coming to auction as sellers look for a faster and more efficient way to sell their home, with more security and certainty that the sale will go through.
“With recent budget announcements, many sellers are looking to sell quickly, and this may present opportunities for buyers as well.”
BUY OR SELL
And he adds: “It’s more than likely that a property being bought in the ‘norma’ private treaty way will now not exchange before Christmas, the only way to ensure that your transaction goes through before Christmas will be to buy or sell by online auction.
“Changes to rules around second home ownership, the Renters’ Rights Bill and other tax changes will inevitably cause an influx of properties coming to auction. For those buying, there are potentially some opportunities to be had, so it is well worth keeping an eye out.”
