Conditional auction explained

When it comes to buying or selling a property, it's important to choose the right method for your situation. At Andrews, we use either Traditional Auction or Conditional Auction (also known as the Modern Method of Auction) for all our auction properties – these processes are designed to offer speed, transparency, and flexibility for both buyers and sellers.

In this guide, we’ll explain what Conditional Auction is, how it compares to Traditional Auction and Private Treaty (the most common method of selling a home, through an estate agent), and what to expect from each.

What is Conditional Auction?

This method offers more flexibility for buyers than Traditional Auction. If you're the winning bidder, exchange and completion take place within 56 days from receipt of the Draft Contract.* This timeline means you can buy with a mortgage and still enjoy the security of a binding agreement between you and the seller.

Conditional Auction at a glance:

• Speed - completion timescales of 56 days from receipt of Draft Contract*
• Security - buyer pays a non-refundable Reservation Fee and signs a Reservation Agreement, showing their commitment
• Enhanced interest – the completion timescale of 56 days allows interest from mortgage and cash buyers (vs. Traditional Auction which is typically within 28 days)
• No selling fee - typically, you only pay for the cost of an Auction Pack on completion

* Based on standard properties

Traditional Auction

This is the auction method you may be more familiar with. In a Traditional Auction, contracts are exchanged immediately when the hammer falls. The buyer must pay a deposit on the day and complete the purchase, typically within 28 days. For sellers, while this method offers speed and security, the strict timescales and deposit requirements can limit the buyer pool to only those with immediate funds, potentially reducing overall interest in the property. This method will typically be used by Andrews for un-mortgageable properties because the method is more often used by cash buyers, as the shorter timeline can make mortgage financing more difficult.

Private Treaty

This is the most common method of buying a home — through an estate agent. The process is often slower than the auction process and less predictable. There's also no binding agreement until contracts are exchanged. Despite this, Private Treaty remains popular because it offers maximum flexibility for buyers and sellers. For many, this method feels more familiar and less pressured, which contributes to its widespread use.

Key features include:

• Timeline - no fixed timescales. Completions take on average 118 days to complete after being sold (according to TwentyEA SSTC to Completion data for January – August 2025)
• Flexibility - great for buyers in chains or those needing time to secure mortgages
• Price negotiations - room for back-and-forth offers
• Risk of fall-through – around 27% of Private Treaty sales collapse before exchange (based on Andrews sales from 1st January 2025 to 14th August 2025)
• Fees - estate agent commission is usually paid by the seller

Want to know more?

At Andrews, we specialise in Conditional Auction and are happy to guide you through the process. Whether you're buying your first home or selling an investment property, our team is here to help. This email address is being protected from spambots. You need JavaScript enabled to view it..