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Wrong sort of auction and aren’t they legally binding too?
I’d say a system where everyone has a week to submit offers (after viewing) with an autobidding system and agreed minimum increment in place to encourage best offers without the price shooting up through outliers. Make the current price public and crucially the result is subject to survey.
Dramatic_Hammer-
Wrong sort of auction and aren’t they legally binding too?
Auctions are legally binding, yes. Any auction which isn't legally binding isn't going to solve the problems with the current system, as there's nothing to stop the seller going to the losing bidders after the auction and saying 'gwan, another £20k and it's yours'.
Brommers
If that was the case, why isn't everyone buying houses at auctions? It's not like they don't exist.