Auction: The Secure Sale in an Increasingly Unstable Market

At Pattinson Auction, we’ve long championed our auction method of sale as a secure, transparent, and efficient alternative to the increasingly unreliable open market. 

In 2024, the UK property market saw nearly one in three transactions fail (29.8%), up dramatically from just 16% in 2022. At the same time, the average time to complete a sale has grown to five months, which is a 38% increase over the past decade. This makes the UK one of the slowest and most unpredictable property markets globally. 

By contrast, countries such as Australia, North America, and Sweden regularly complete sales in under 45 days, with much lower fall-through rates. Even where timelines are longer, these markets benefit from far stronger contractual commitment between buyers and sellers. 

Why Is the UK Falling Behind? There appears to be four core reasons for the UK's unusually high fall-through rate: 

No upfront funding 

No upfront property information 

No upfront contractual commitment 

A growing conveyancing bottleneck 

These structural issues are having a real-world impact on sellers. In 2024: 

22% of failed sales were due to mortgage funding issues 

27.3% collapsed after a negative survey result 

And the problem is getting worse. According to The State of the UK Conveyancing Market 2024, the number of conveyancing firms dropped by 9% in 2023, with every UK region experiencing at least a 7% decline compared to 2022. This has only deepened the delays and added to the instability. 

One of the most striking differences between the UK and overseas markets is the complete lack of contractual obligation when an offer is accepted. In the UK, either party can walk away at any time, with no penalty, no consequence. 

At Pattinson Auction, we offer a secure sale route that tackles all of the above issues head-on. With upfront legal packs, financial commitment from buyers, and set completion timeframes, typically within 56 days. Auction delivers: 

Reduced fall-through rates 

Faster completions 

Greater certainty for all parties involved 

In a market that continues to frustrate both buyers and sellers, our method of sale provides clarity, security, and peace of mind. 

Auction isn’t just a smart alternative — it’s the future of reliable property sales. 

Original facts were taken from here