Property auctioneer Graham Penny featured in the latest housing edition of the Parliamentary Review, which shares best practice in the industry.
Graham, who founded Graham Penny Auctions, now part of SDL Auctions, was invited to contribute and he highlighted the benefits of selling a property at auction and called for regulation changes to make the process even more transparent.
Graham, now a consultant to SDL Auctions, credited the BBC television series Homes Under the Hammer for raising the profile of auctions and said he hoped that one day it would become the preferred method of sale in the UK as it is in other parts of the world.
“Property auctions are a genuine alternative to private treaty sales and in some cases can realise a better sale price. It’s an accurate barometer of the market at the point of sale; if you offer a property for sale to an audience of competitive bidders, you will secure the best price.
“When I conducted my first auction there were no guide prices and this introduction has definitely improved the understanding and trust in our industry.”
The Parliamentary Review is a series of independent publications covering a range of sectors, including housing. Chaired by Lord David Blunkett and Lord Eric Pickles, the publications aim to share best practice among policymakers and business leaders.