All terms
process
Hammer price
The winning bid value when the auctioneer's hammer falls. This becomes the legal sale price before fees are added.
In simple terms
The number the auctioneer shouts before bringing the hammer down — what you've committed to pay.
Example
A property sells for a hammer price of £210,000. The buyer also pays a 3% buyer's premium (£6,300) and the £250 admin fee, making their total commitment £216,550 before SDLT.
If you're buying
Set your hammer-price ceiling before the auction starts. Add all fees on top to know your real all-in cost.
If you're selling
Your net usually equals the hammer price (where the auction house charges no seller fees) minus any pre-agreed marketing costs.
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