Property auctions account for 5 per cent of all property transactions in the UK and they are becoming more popular with both buyers and sellers such as local authorities, who are increasingly putting property through auctioneers, as the auction process is often quicker and cheaper than other ways of buying residential and commercial property.
Gary Murphy, spokesman for RICS, said: "Every auction house currently has its own conditions of sale, which can make life very complicated for buyers and sellers who have to scour the small print each time they go to an auction. We hope the new conditions will be adopted by all auction firms, making it easier for everyone."
