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Buying and selling property takes too long in Britain‭. ‬The TV presenter Kirstie Allsopp‭ (‬Location‭, ‬Location‭, ‬Location‭) ‬agrees‭. ‬She vented recently on Radio 4’s consumer programme You and Yours about how delayed property transactions are‭. ‬Many solicitors are still blaming Covid for the‭ ‬lag‭, ‬she says‭, ‬even though they are using the latest technology that should speed up transactions‭.‬

This problem‭, ‬which affects families‭, ‬solicitors‭, ‬local authorities‭, ‬developers and all aspiring homeowners‭, ‬isn’t going away soon‭ (‬says Nick Kalms‭, ‬a property auction expert‭). ‬But think about how much less fuss it would be and how much time‭ ‬could be saved if the auction house was considered the first place to sell a property‭, ‬instead of a last resort‭.‬

While auctions are not a suitable way to sell every property‭, ‬they should be considered for a far wider range of sales‭. ‬In our experience the reserve price is often exceeded at auction‭, ‬and you also cut down on the uncertainty‭ ‬‮—‬‭ ‬and the long delays‭ ‬‮—‬‭ ‬of selling in the traditional way‭.‬

Typically‭, ‬an estate agent can take up to 26‭ ‬weeks to sell a property‭, ‬whereas auctions bring this down to about six to nine weeks‭, ‬including marketing periods‭ ‬‮—‬‭ ‬this has been my experience having handled almost one thousand properties in the past 20‭ ‬years‭. ‬Auctions are still seen as a last resort used to sell a property on the cheap‭, ‬but this way of selling oIers transparency‭, ‬speed and a degree of certainty‭. ‬When it comes to development land‭, ‬for example‭, ‬an auction enables a plot to be seen by as wide an‭ ‬audience as possible‭, ‬and this creates a competitive marketplace for bidding‭. ‬Auctions also bypass the infuriating lack of certainty‭, ‬often until the last second‭, ‬that every homeowner faces with traditional transactions‭.‬

I know a lot about the type of properties that go to auction as I’ve worked in this space for 20‭ ‬years‭. ‬I can tell you that while some of the homes I’ve seen wouldn’t naturally be shown in an estate agent’s window‭, ‬many of them have simply lost value from sitting on the market for too long‭.‬

Sure‭, ‬some are in poor condition‭, ‬with damp problems‭, ‬structural issues‭, ‬in receivership‭, ‬or in desperate need of modernisation‭ ‬because they have been rented out for a long time‭. ‬In more cases than you’d imagine‭, ‬many of them are owner-damaged‭.‬

The majority of these problem properties‭, ‬however‭, ‬have been stuck in purgatorial probate‭. ‬They have been sitting empty for years‭, ‬often blighting neighbourhoods with their overgrown gardens and sorry façades‭.‬

When it comes to a problem or probate property‭, ‬a typical scenario will involve a solicitor instructing a local agent who then values the property too high‭. ‬These properties stay on the market for longer than they should‭, ‬then the price is reduced to get it moving‭. ‬After about six months of languishing on the market‭, ‬the seller sells at a discounted price to a property trader who will sell it at auction within four weeks for a profit

The industry’s embrace of change is too slow to make any meaningful difference‭. ‬Our business‭, ‬which for 15‭ ‬years has brought former problem properties back into use‭, ‬would be non-existent if we had to wait for estate agents to sell them‭.‬

I’m not knocking estate agents‭, ‬who play an invaluable role in selling homes in good condition‭ ‬‮—‬‭ ‬we need to address the problems with English property law that allow gazumping and fragile sale chains to exist‭. ‬About one in three deals fall through‭, ‬dashing the hopes and dreams of homeowners‭.‬

The auction house should be used to buy and sell many more properties‭, ‬especially for buyers who want to sell quickly with minimal fuss‭. ‬An auction is often considered the last resort but‭, ‬I believe‭, ‬in many instances it should be the first‭.‬

Nick Kalms is co-founder of Probate.Auction and Resi.Auction‭, ‬property auction platforms‭, ‬and YouSpotProperty‭, ‬which provides gift cards for identifying empty or derelict properties‭.‬