A property auction website, Under The Hammer, has added a new option to listings that lets buyers make an ‘instant’ property purchase.
The ‘secure now’ function will let buyers bypass the auction process on any listings that have been added by agents on the portal.
Sellers and agents are now also able to list properties for a fixed price, and rather than bidding, buyers can ‘purchase’ the property immediately at any time, and pay an exclusivity deposit to secure it.
The buyer will have to pay a deposit of 1.75% plus VAT, subject to a minimum of £2,250, plus an administration fee of £1,000 plus VAT.
Buyers can arrange to view the property first and must complete anti-money laundering checks before making an offer.
There are then fixed timescales to exchange and complete on the property transaction, with 28 days to exchange and a further 28 days to complete. If they do not, then they lose their exclusivity, but it is not clear whether they also forfeit their deposit money.
Thomas Gilday, an auction specialist at Under The Hammer, said: “In the past year, Under The Hammer has worked with hundreds of agents, property sellers, and buyers.
“In that time, we have learnt from comments, reviews, and suggestions from all three on how we can improve the service and drive forward the property revolution.
“At our core is speed, security, and transparency. The changes to our auction platform, and the exciting introduction of our ‘secure now’ service will help us improve the property buying and selling process in these areas even more.
“With our ‘secure now’ service, we’re able to offer immediate security of the transaction for our sellers, whilst also allowing for buyers to make an instant decision to purchase a property at any time, day or night.”