# How does buying property at auction work?

> Quick answer · Last updated 4 July 2026

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## In short

You bid in person or online; if you win, you usually pay a 10% deposit immediately and must complete within 28 days. Bridging finance or cash is common because standard mortgages cannot move that fast.

Read the legal pack before bidding — searches and title issues are your problem after the hammer falls. There is no cooling-off period.

Add buyer's premium, Stamp Duty and refurbishment costs to your maximum bid. Unmortgageable properties sell cheap but need cash or bridge then refurbish.

See bridging finance basics and Stamp Duty calculator.

## Related

- [Bridging finance basics](https://moneyguide.org.uk/mortgages/bridging-finance-basics/)
- [What is a bridging loan?](https://moneyguide.org.uk/answers/what-is-a-bridging-loan/)

## Primary source

gov.uk/buying-a-home

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Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.