Network Auctions: An Insider's Look [2022] - Everything You Need To Know

About Performance Fees Reviews How do they work?Auction Events

FAQs

About Performance Fees Reviews How do they work?Auction Events

FAQs

About Network Auctions

Network Auctions are a small, national auction house based in Watford. They were established on Feb 27, 2009.

They're members of the following organisations:

Tip: I only ever recommend dealing with auction houses who are NAEA-protected, NAVA-protected, and are members of the Property Ombudsman.

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Are Network Auctions
Right For You?

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Where do Network Auctions cover?

Network Auctions are a national auction house focused on the South East.

Devon is their biggest county. They've auctioned 26 properties here in the last 12 months, accounting for 11% of their business.

Network Auctions are a national auction house. South East is the biggest region for them.

They've auctioned 57 properties here in the last 12 months, accounting for 24% of their business.

Tip: If you’re selling your house at auction it’s a good idea to look for an auction house with a strong focus on your area.

What types of properties do Network Auctions auction?

Network Auctions mainly focus on selling residential properties, which account for 66% of their listings.

Network Auctions mainly focus on selling land, which accounts for 66% of their listings.

They also have a strong presence in selling land property, which accounts for 24% of their listings.

They also have a strong presence in selling land, which accounts for 24% of their listings.

What price range do Network Auctions specialise in?

For residential sales, their average selling price is £137093.

This is lower than the national average of £717968, which means they generally cater to the lower end of the market, or focus on regions where property prices are generally cheaper.

This is lower than the national average of £717968, which means they generally cater to the upper end of the market, or focus on regions where property prices are more expensive.

This is lower than the national average of £717968. This either means they don't have a particularly strong focus on the upper or lower end of the market, or means that they focus on regions where property prices are in line with the national average.

£1 – £100k

58%

£100k – £250k

19%

£250k – £500k

14%

£500k – £1m

£1m +

free AUCTION valuation

Are Network Auctions
Right For You?

Find the right auction house for your property sale.

Free referral to my #1 Leading Auction House in your area.
‍(Take the guesswork + time out of choosing who to use)
Free valuation + all your auction questions answered...
(by experienced auction experts I know and trust)
And if you decide to sell... enjoy Preferential Rates
(Exclusive discounts for Home Selling Expert readers)

Would you like some free expert advice? 👇

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Network Auctions Auction Performance

We break performance into 3 key parts: Market Share, Succes Rate, and Customer Satisfaction.

Success Rate

Auction houses don't sell every property they take on. The success rate is the percentage of their properties they successfully manage to sell.

20%

Network Auctions have the #1 highest success rate among auction houses in England & Wales.

Network Auctions have the 29 highest success rate among auction houses in England & Wales.

They successfully sell 20% of the properties they list, which is lower than the national average of 48%.

Tip: A higher success rate usually means an auction house is more realistic with their valuations, are less likely to take on customers with unrealistic expectations, and may be more efficient at generating interest and bids from buyers.

Reviews

5 Reviews

5 Review

Network Auctions have been reviewed 5 times in the last 12 months, with an average score of 5/5. Read more about their reviews here.

Tip: Review scores are important to consider, but it’s important know what customers are actually saying as well. We outline the overall themes of their reviews further down this page.

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Network Auctions Auction Fees

2.5%

+ vat

Network Auctions charge a standard auction commission fee of 2.5% + vat.

2.5%

+ vat

The auction fee Network Auctions charge depends on the selling price. They charge:

2.5% + vat on properties up to £.
% + vat on properties up to £.
% + vat on properties above £.

2.5% + vat on properties up to £.
% + vat on properties above that.

Commission Fee

This is the main fee for the service. It's either paid by the buyer, or directly from the sale proceeds, so sellers never have to pay this fee out-of-pocket.

Who pays the commission fee?

The commission fee is paid by the Seller.

Is there a minimum fee?

The commission fee is subject to a minimum of £2500 + vat.

Tip: Although the buyer pays the fee with Network Auctions, sellers shouldn't think of it as a "free service" for them. Whatever additional fees the buyer has to account for will ultimately reduce what they'll be willing to bid for a property, reducing the amount the seller ends up with.

Tip: Although the buyer pays the fee with some other auction houses, you shouldn't necessarily think of those as "cheaper than" Network Auctions, who charge the sellers the fee. This is because whatever additional fees the buyer has to account for will ultimately reduce what they'll be willing to bid for a property.

Buyer's Premium

Auction houses often charge the successful bidder an additional fee, called a "Buyer's Premium".

Are buyers also charged a fee?

Buyers pay an admin fee of % + vat, subject to a minimum of £1000 + vat.

Buyers pay an admin fee of £1000 + vat.

Are buyers charged an additional fee on top of the commission?

Buyers pay an additional "buyer's premium" of % + vat, subject to a minimum of £1000 + vat.

Buyers pay an additional "buyer's premium" of £1000 + vat.

Tip: Buying at auction? More than 25% of buyers get caught out by unexpected fees. Don't be one of them. Download our free checklist and learn where to spot hidden auction fees.

Other Fees For Sellers

We've done our best to uncover additional fees charged by Network Auctions. These can change over time though, so always be careful to check the paperwork closely.

Are there auction entry fees?

Sellers pay an up-front auction entry fee of £500 + vat. This is non-refundable, even if the property fails to sell at auction.

Network Auctions do not charge auction entry fees. Most auction houses charge around £300.

Do they charge withdrawal fees if you change your mind?

Are there any hidden costs or other fees?

What about legal costs?

Remember that you’ll always have legal fees to pay too. These are separate to the auction fees, and Network Auctions don’t have any control over these.

Auction legal fees come in two parts: An up-front element for the legal pack, and the final legal fee, which is paid on completion of your sale.

Tip: No auction entry fees with the auction houses we recommend. Many auction houses willing to negotiate on this.

free AUCTION valuation

Are Network Auctions
Right For You?

Find the right auction house for your property sale.

Free referral to my #1 Leading Auction House in your area.
‍(Take the guesswork + time out of choosing who to use)
Free valuation + all your auction questions answered...
(by experienced auction experts I know and trust)
And if you decide to sell... enjoy Preferential Rates
(Exclusive discounts for Home Selling Expert readers)

Would you like some free expert advice? 👇

I'm selling →I'm buying →

Free expert advice and guidance for buyers and sellers

Network Auctions Reviews

0/5 out of 0 reviews

5/5 out of 5 reviews

0/5 out of 0 reviews

Good things people say (Pros)

What can be improved (Cons)

How Network Auctions work

Network Auctions auction process

What types of auction do they run?

Network Auctions run traditional property auctions which are held online every four to six weeks.

With traditional auctions, a 10% non-returnable deposit is paid and contracts are exchanged immediately.

The buyer must then complete within the agreed completion period, which tends to be 20 working days.

What happens on auction day?

You will be able to follow the bidding in real time once the auction opens via the catalogue bidding window for each lot. The auction will proceed in lot order and the scheduled end time for each lot is shown on the screen.

Pre-registered bidders can make offers by telephone, proxy or online.

If the property reaches the agreed reserve price, then the lot will be sold with an immediate exchange of contracts. The buyer will have to immediately pay a deposit of 10% of the purchase price, subject to a minimum of £5,000, by bank transfer.

What happens if your property doesn't sell at auction?

If the property fails to sell at auction, Network Auctions will try and tie up a post-auction sale for you in the two weeks following the auction.

You can also enter the lot into the next available auction at no additional cost.

Network Auctions will retain sole selling rights for a minimum period of 30 days after the auction up to and until Network Auctions receive and acknowledge written notice confirming you are terminating the agreement. The sole selling rights agreement will then remain in force for a notice period of 21 days after receipt of the written notice of termination.

More info coming soon!

We're adding more information all the time. Check back soon, or contact us right now for advice. Hit one of those big buttons to get started.

How Network Auctions market your property

How will Network Auctions advertise your property?

Network auctions offer a range of advertising techniques to ensure your lot is visible and available to all potential buyers, including:

National and local advertising and PR
A database of local and national auction buyers
Comprehensive full-colour catalogues and details, which are both printed and available online
E-marketing campaigns
Advertising on Network Auction’s website
Links to and from prime property portals
Member network providing wider visibility for your property