A method of selling property in a public forum through competitive bidding to the highest bidder. The auction usually takes place in a hotel or centralised venue where bidders can have easy access. Online auction is becoming increasingly attractive as a means of bidding as you can bid from your PC instead of travelling.
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.