What Happens on Auction Day? A Step-by-Step Walkthrough
Walking into your first property auction can be disorientating. The pace is fast, the room is busy, and the stakes are high. Knowing what to expect before you arrive removes the anxiety and lets you focus on bidding clearly and deliberately.
Before You Arrive
The day before: Confirm your finances are in place. Your 10% deposit needs to be available as cleared funds — a personal or business cheque, banker's draft, or in some cases a debit card payment (check with the auction house in advance). Credit cards are not accepted.
The morning of: Re-read your notes on the lots you're interested in. Confirm your maximum bids. Have your ID and proof of funds ready. Some auction houses now allow remote bidding — by phone or online — if you can't attend in person.
Arriving at the Venue
Arrive at least 30 minutes early. Large auction house events can attract 200+ people. You'll need time to:
- Register as a bidder (bring photo ID — passport or driving licence)
- Collect your bidder number (a paddle or card you'll raise to bid)
- Review the addendum — a sheet of last-minute changes to legal packs, guide prices, or lot withdrawals that aren't in the main catalogue
Read the addendum carefully. Sometimes lots are withdrawn before the auction starts, or conditions change.
The Order of Lots
The auction runs in lot number order, though sometimes lots are switched — especially if a seller needs their lot moved earlier. The auctioneer announces each lot with a brief description and the guide price.
If you're interested in a lot early in the catalogue, be ready immediately. If your lot is later, you'll sit through others first. Watch how bidding works, get a feel for the pace, and don't get drawn into bidding on things you haven't researched.
How Bidding Works
The auctioneer opens each lot and invites bids, usually starting at or below the guide price. Bids rise in increments — typically £1,000–£5,000 depending on the price bracket.
To bid, raise your paddle clearly. The auctioneer will acknowledge you and move to the next bid. If you're the highest bidder and the reserve is met, the hammer falls and you've exchanged contracts.
If the reserve isn't met: The auctioneer will announce the lot is "passed in" or "withdrawn." You may be able to approach the vendor's representative after the auction to negotiate directly.
The Hammer Falls: What Happens Next
When the hammer comes down on your bid, you are legally bound to complete. Immediately after, you'll be directed to a signing desk to:
- Sign the memorandum of sale
- Pay your deposit (10% of the purchase price)
- Receive a copy of the contract and completion date
Your solicitor should be on standby. Call them immediately after the auction. You now have 28 days (or 56 for modern method) to complete.
After the Auction: The 28-Day Clock
The 28-day completion window starts the day of the auction. Your solicitor will handle the legal transfer, liaise with the vendor's solicitor, and coordinate the financial transaction.
If you're using bridging finance, your broker and lender need to be instructed immediately. Valuers need to visit the property. Title checks need to be completed. 28 days sounds like plenty of time; it isn't if you start on day five.
If you fail to complete: You lose your 10% deposit. The vendor can also sue you for any additional losses if the property resells for less. This is why preparation matters before auction day — not after.
Telephone and Online Bidding
Most auction houses now offer alternatives to attending in person:
- Telephone bidding — a member of the auction house team bids on your behalf by phone
- Online bidding — you bid via the auction house's platform in real time
- Proxy bid — you submit your maximum bid in advance and the system bids on your behalf up to that limit
These options are useful if you can't attend. The mechanics of exchange are identical — the hammer falling commits you regardless of how you bid.
Final Tip: Know Your Number Before You Walk In
The most important preparation for auction day has nothing to do with the day itself. It's the research you do in the days and weeks before — reading legal packs, viewing properties, calculating your maximum bid based on estimated value, refurbishment costs, and your target return.
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