A lot will be offered for sale with the auctioneer proposing an initial price to the room. If no interest is shown, the auctioneer will rapidly reduce the asking price of the lot to try to increase attention. If the room remains unresponsive, he will ask the audience for a starting bid – this will usually spark interest and a price will be shouted out from somebody in the room. The auctioneer will then commence bidding from that start price.
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.