News
RICS publishes auction guide as interest in sector grows
The Royal Institution of Chartered Surveyors (RICS) has published a guide to assist consumers with the process of buying or selling property at auction.
The guide has been produced by the RICS Real Estate Auction Group and has been updated in response to the heightened demand in the sector in recent years.
The guide includes advice on how sellers can choose an auction firm, the key terms of appointment and the importance of sales particulars and legal packs.
It also informs buyers on how to prepare for auction, the importance of researching the information provided and seeking professional advice. It also highlights the need for buyers to keep in contact with the auction firm until the property is offered.
The guide details the benefits of selling at auction, such as the fact that properties are not sold subject to contract and the successful bidder is legally obliged to complete a sale. It also explains that auction sales are relatively quick, and completion usually takes 4-6 weeks.
RICS advised people to appoint a member of a professional body like itself when choosing an auctioneer, as this would provide confidence and reassurance that the process followed the rules of conduct.
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Paul Bagust, head of professional advice at RICS, said: “As the property market continues to evolve, auctions offer a transparent, secure, and swift process that benefits both buyers and sellers, particularly in a dynamic market environment.
“RICS is the largest organisation for professionals working in land, property and construction globally, and our members can advise you on a number of aspects of your transaction including valuation, home surveying, property management and investment, as well as advising on how to achieve the best result from an auction.”
He added: “We hope this new guide will help to educate consumers on the benefits and possible risks of auctions and how to navigate them for the best result.”
The guide can be accessed by visiting the RICS website at: https://www.rics.org/consumer-guides/property-auctions
Last month, a survey by RICS found that buyer demand recovery had “mellowed”.