21/05/2026
HOW DOES THE TRADITIONAL AUCTION METHOD WORK — AND HOW CAN IT BENEFIT YOU?
NESBITS has been successfully selling properties of all types — including garages, land, houses, flats, investments, and commercial buildings — by Public Auction for over 70 years. We receive instructions from private individuals, landlords, executors, and solicitors, with a significant proportion of our business coming from returning clients.
What is a Traditional Public Auction?
Unlike the “modern method of auction” offered by some competitors, a traditional Public Auction provides an immediate and legally binding sale at the fall of the auctioneer’s hammer (or within our offices in the event of a prior sale). Buyers pay a 10% non-refundable deposit, with completion typically taking place just four weeks later.
Importantly, buyer costs under the traditional auction method are considerably lower than those associated with the “modern method.” This benefits both buyer and seller, as purchasers are often able to reflect these savings in stronger bidding.
While a conventional Private Treaty sale remains the preferred option for many vendors — particularly for well-presented homes likely to attract strong interest in the current market — Public Auction can be especially advantageous for speculative, unusual, or problematic properties.
Equally important is the level of control that Public Auction gives to the seller. The process offers certainty, transparency, and fixed timescales, enabling vendors to achieve final settlement weeks — and sometimes months — sooner than might otherwise be possible.
Recent results from our April Sale:
42 North Street, Havant - Vacant Freehold Office premises - SOLD FOR ÂŁ153,000
19 St. George's Road, Southsea - Two (potentially three bed) house requiring general modernisation - SOLD FOR ÂŁ218,000
176 Southampton Road, Portsmouth - 4 Bed semi requiring comprehensive renovation - SOLD FOR ÂŁ376,000
15 Rockleigh Road, Southampton - 3 Bed semi requiring general modernisation - SOLD FOR ÂŁ355,000
33 Havelock Road, Southsea - 5 Bed semi requiring general modernisation - SOLD FOR ÂŁ450,000
213 Francis Avenue, Southsea - 3 Bed ex-rental requiring general modernisation - SOLD FOR ÂŁ210,000
We are now inviting entries for our Sale on 23rd June at Libby's Room, The Queens Hotel, Clarence Parade, Southsea PO5 3LJ
Contact our Team on 02392 864321 or email [email protected] for further information and details.
