UNCONDITIONAL AUCTIONS: Recently announced changes in the landscape of the auction market in the UK have prompted Auction House to reaffirm their commitment to the traditional, unconditional method of sale.

Auction House Managing Director Jeremy Prior said: “The fact is, unconditional auctions are in our DNA: it’s where we’ve always put our focus and it’s where we always will. Without doubt, they provide the best way of selling auction property in terms of both speed, and security of sale. It’s why buyers and sellers prefer them, and why we sell more properties via the unconditional method than anyone else in the UK.

“It also explains why we have just completed our most successful August in the 15-year history of the group, selling a record number of lots and raising more money on behalf of our clients than ever before.”

In an unconditional auction, contracts are exchanged on the fall of the gavel, with completion following some 14-28 days later. But in a conditional auction, also known as a Modern Method of Auction (MMoA), the buyer merely secures a period of exclusivity before contracts are exchanged, with completion following afterwards.

Jeremy Prior added: “As well as the unreasonably high charges made to the buyer at the seller’s expense, the conditional method is slower, more cumbersome, and much more prone to the problems that befall private treaty sales – indeed, the sort of difficulties many sellers deliberately choose auction to avoid!  

“So, whether the sales are in-room, livestream or online, our commitment to unconditional auctions remains undiminished, and we can confidently predict that in 2022 we will exceed last year’s sales figure of £605m.

“Therefore, our partner agents - both old and new - can rest assured that our focus will remain unchanged, as we continue to offer a fair, transparent and cost-effective service, whilst always working on behalf of our vendor clients to achieve the best possible price for each and every property.”