26/08/2026
If you've come across the phrase "modern method of auction" while searching for property, here's what it actually means.
Unlike a traditional auction, where a hammer falls in a room and you're legally bound to complete within around 28 days, the modern method is an online, conditional process, often described as "eBay for houses," where bidding runs over a longer period, typically around 30 days.
Once a bid is accepted, the buyer pays a non-refundable reservation fee to secure the property, and both sides then have significantly longer to complete, typically 56 days rather than 28, which gives buyers more realistic time to arrange a mortgage.
It can suit sellers looking for more certainty than a standard sale, and buyers who want the structure of an auction without the pressure of an unconditional, same-day exchange. As with any auction purchase, it's worth taking legal advice early, since the legal pack and conditions are usually set before bidding opens.
Buying at auction, modern or traditional? We can help. Get in touch: https://www.marsons.co.uk/services/conveyancing/buying-at-auction