For vendors who have never sold a property at auction before, they could be a little dubious about the claims that there is no faster way to sell, but just how fast can a property really be sold at auction?

This month, Auction House Sussex and Hampshire achieved a new personal best and it goes to show just how effective the auction process can potentially be.

A house on Castle Lane is a Hampshire property that had sat vacant for months. Internally it was in a state of disrepair and required modernisation throughout.

The owners opted to sell the property under the hammer, but they were not expecting things to move quite so quickly.

After marketing the property, the auction team received a pre-auction offer from asset managers at 2.57 pm and contracts were exchanged with a three-week completion at 5.05 pm. That’s just 2 hours and 6 minutes from the offer being accepted to the exchange of contracts.

“It’s a perfect example of just how efficient the auction process can be and how buyers and sellers alike can benefit,” said a spokesperson for the property auction firm.