Housing Associations and Local Authorities commonly use auction to dispose of properties which are deemed financially unviable or surplus to requirements. These bodies have a public duty to show accountability for their actions and that the best price was achieved for the property. Selling via auction is seen to reflect a fair market price of that property at that moment in time.
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.