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Hooks

It is often the case that auction houses put the lots which they believe will be the most popular towards the front of the catalogue. Typically, lot 1 will be a ‘hook’ to ensure plenty of people get excited by the catalogue and also attend the auction early hoping to pick up a bargain. Some auction house may also use ‘reverse hooks’, in which they hold back some of the most popular properties until the very end to ensure bidders attend auctions towards the end of the day when the room may have quietened down.

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This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.

If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.

For more information on buying or selling at a property auction, have a read of our guide to buying at auction.