Published: 24/02/2026 By Meredith Wallis
Auctions have been held since the reports of the Ancient Greeks in 500 B.C. and have followed a time-honoured practice whereby an auctioneer gathers a crowd and sells an item to the highest bidder. The skills of the auctioneer and purchasers have been passed down by generations, but there is now some confusion as anybody can purport to be an auctioneer, advertise a ‘modern method of auction’ and an unwary buyer can become confused.You want to buy or sell a property quickly, so are drawn to the option of selling at auction, a method of sale widely offered by many Estate Agents. You see offers of ‘Modern Method of Auction’ and ‘Traditional Auctions’, but what is the difference? Surely an auction means a guaranteed sale to the highest bidder on the fall of the hammer?
Ahead of Symonds & Sampson's first Property Auction of 2026 later this week, Meredith Wallis, Auction Partner, provides some clarification.
The Modern Method does not operate under the same conditions. In a modern-method auction, which is usually held online only, the highest bidder is effectively buying a period of exclusivity and a commitment from the seller to withdraw the property from the market for 28 days. During that time, the buyer must carry out their due diligence – conveyancing, surveys and, if required, apply for a mortgage or arrange their funding, to work towards exchange of contracts.
In our view, this is an unusual way of selling a property and it does not always benefit the seller. The ‘successful bidder’ is required to pay a reservation fee in the region of 4%-4.5% of the sale price. As well as this initial fee, the buyer is also required to cover all the seller’s costs, which, on the surface, can be appealing to a seller. But, if they cannot exchange at the end of the 28 day period, they forfeit the fee, which does not go to the seller, but to the agent. So, who loses out… The seller. In what has been referred to as ‘no more than a fee-generating tool’, the seller could all too easily find themselves out of pocket, with no sale and 28 days' marketing time lost.
Any sale of goods must be clear about costs and fees, but we wonder if all sellers are conscious of what they are actually paying for, the charges that are levied, and who benefits from funds if a purchaser through a modern-method auction doesn’t proceed to purchase.
Most traditional auctioneers’ fees are payable by the seller and, although it is possible for the costs to be reclaimed from the buyer, it is typically found that a buyer will simply factor them into the price they are prepared to pay.
In a traditional auction, the property is launched to the market with a full legal pack, containing searches, a draft contract, title documents and the special conditions of sale, prepared by the seller’s solicitor. Buyers have full access to this pack and can therefore carry out their due diligence in advance, arrange their own survey, or funding as necessary to enable them to be fully prepared to enter a legally binding commitment if successful. Buyers and Sellers have the assurance of knowing that if the bidding exceeds the reserve, the property is sold unconditionally. In the modern method, the ‘sale’ on the fall of the virtual gavel is no more than a vendor accepting an offer in the private treaty method; therefore, it offers little, if any, assurance of a sale.
There are other factors to consider, such as timing. In a traditional auction, the completion date is specified in the legal pack and is usually 20 business days after the auction. In the modern method, the completion date is not necessarily agreed upon until the exchange of contracts, so buyers and sellers enter an unspecified time period.
Our experience, having sold over £670 million worth of property in the last 22 years, shows that Symonds & Sampson are one of the few agents who offer the tried and trusted, unconditional method of selling property by auction. Offering transparency and ease of access (bidders can join the auction in person, by livestream, telephone, or by prior submission of a proxy bid), traditional auctions have been long favoured by private individuals, charities, and corporate clients for years. If you’d like to find out more, please contact Meredith on 01202 843190 or our experts in your local Symonds & Sampson office.
