A prominent auctioneer says an auction transaction “offers an alternative for those seeking a more secure and transparent route to buying and selling.”

The comment by Oliver Prior – national commercial director of Auction House – follows this week’s BBC Panorama programme, which revealed the inner workings of two major national players in the UK property market and allegedly dubious sales techniques to generate as much income as possible.

“Although not all estate agents can be tarred with the same brush, and there are numerous reputable operators within the industry, many of whom we work alongside, Auction House welcomes the spotlight being shone on those who perpetuate unsavoury practices and give the industry a bad name” says Prior.

“As with most industries, there are providers who adopt a client-first approach and those who prioritise profit over reputation and commitment to service.”

He continues: “A traditional auction presents a clear and transparent process to everyone involved. Whether the auction is being held online, via livestream or in-room, interested parties can watch the bidding in real-time and see for themselves what the property is selling for.

“In the past, there has been a misconception that there is a level of risk when selling by auction, which couldn’t be further from the truth.”

He stresses that when selling a property by auction, the market determines its value, not the agent. An auction lot is listed with a guide price designed to stimulate interest among bidders. This reflects an approximation of the vendor’s minimum price expectations and the lowest value for which the property could be sold.

Marketing and auctioneering skill then combine to drive the final purchase amount upwards.

Prior adds: “We pride ourselves on providing a fully transparent service to our buyers and sellers. When selling at auction there are no barriers to entry and no advantage given to any one prospective bidder.”