Many people choose to buy at auction because the type of property they wish to buy is better suited to auction rather than estate agents, so it may be the only way that they will be able to purchase it. However, there are a number of other benefits of buying at auction.
Speed is an attraction, there is no quicker way to buy a property; fixed timescales are set from the beginning and your completion date will be known so you can make plans and arrangements. Auctions are a level playing field, as everyone has the opportunity to place their bids and the process only requires you to be the highest bidder, at or above reserve, to be successful. The certainty of auction appeals too, because once the hammer falls, the property is secure – neither side can back out of the deal, there is no risk of gazumping or gazundering, or a chain collapsing. Many landlords also choose to buy tenanted properties at auction because they will start receiving rent from the day of completion.