Programmes like Homes Under the Hammer have certainly raised the profile of property auctions. Although auctions still only account for two per cent of all property sales, some experts believe this proportion will rise.
In an increasingly stagnant market, selling at auction may appear an attractive choice for sellers. However, if you are thinking about selling your property this way, there are some things you need to be aware of first. Philip Taylor, Head of Residential Conveyancing at Pearsons & Ward in Malton, looks at the auction process, some of its advantages and disadvantages, and offers some advice.
How auctions work, an outline
An auction house will prepare a catalogue listing all the properties for sale, usually about a month before the auction. This catalogue gives a guide price for each property and will contain standard…