Yours at a Knock-Down Price – How property auctions can help you
With the UK property market starting to move again, particularly since the start of 2013, are auctions still a good way to sell your property?
The method of selling an item or goods by auction started in about 500 B.C and was often used as a way to liquidate assets of debtors quickly. The most significant auction of all time was perhaps the auction of the entire Roman Empire which was put on the auction block of the Praetorian Guard, in 193 A.D.
Following the end of the Roman Empire until the 18th century, auctions became scarce across most of Europe. At this time few auctions of any kind had ever taken place in Asia.
Auction by Candle came to England during the 17th and 18th centuries and proved very popular for the auctions of goods, whereby the auctioneer would light a candle andbids would begin. Once the candle had burnt out the auction was finished and the highest bidder at that time won the auction.
Perhaps because of the history of auctions they are often still considered by some as a way of selling only distressed items, including property. However this has changed over the years and many regard selling by auction as a favourable route to take, regardless of circumstances, due to the definite nature of the sale.
Once the hammer hits the rostrum the sale is legally binding and the successful bidder is bound to purchase whatever they had bid for.
The re-introduction of property auctions in the West Country by up-market estate
agency Knight Frank which was announced this week, perhaps highlights the need for imaginative ways still needed in order to sell certain types of property, but buying and selling by auction has long been a preferred method of selling agricultural land so perhaps a move to more widespread auction sales of more expensive houses, rather than just distressed sales or small lots, makes sense for buyers and sellers alike.
An auction is an exciting event to go to and is great way to get a real feel for the market as it is moving in real time.