THE word auction derives from the Latin root augere, to increase - and that is what auction is all about: getting the best possible price for your property.

Auctions have been in use ever since the ancient Romans, and this time-honoured method of selling is increasingly popular today, with buyers attracted by potential bargains or investment opportunities. Last year more than £3 billion was spent on property at auction.

The idea of selling property and land by auction may appear complex, but in fact can be an easy way to sell certain properties - and sometimes the only way to establish the right price.

This is especially true where properties are unique and difficult to value such as a cinema - or appeal to a wider audience of prospective purchasers than is possible via your local estate agent.

The whole point of auction is not to find just one potential purchaser, but several, and then allow them to bid competitively and simultaneously so that this ancient method of selling can be used to its full force.

But why sell by auction? In two words “maximum publicity”. Auction houses market properties extensively and often internationally - through catalogues and web pages as well as specialist advertising.

Will you get your money’s worth if you sell this way? Very often, yes, and more. Guide prices are set by the auctioneer, whose expertise is needed to ensure prices stay realistic in order to attract serious purchasers. However, sale prices do often exceed guides, another reason for the auction’s increasing popularity.

So what constitutes a suitable lot? The list is varied - houses and flats for improvement, renovation and/or repair; tenanted properties; vacant commercial premises; building plots and conversion projects; farms and land. Auction is a great place for unusual properties - odd lots documented include former police stations or chapels, roads, and bridges!

For buyers, a major attraction is lack of delay. Auction is swift and well-regulated, and exchange of contracts takes place at the fall of the auctioneer’s gavel.

Gazumping is impossible as your rivals are bidding under your very nose, and completion is within a specified timescale, usually 28 days.

Generally, prior to auction, you should view what interests you as soon as possible as well as obtaining any relevant details such as its condition and any tenancy particulars.

Most auction houses will liaise with your solicitor to obtain the necessary paperwork.

Last but by no means least, finance must be arranged in advance so that the sale is not subject to a mortgage, survey or someone lending the money!

Most auction houses are happy to advise on the mechanics of selling, so don’t be shy - explore the the world of auctions!

David Allen is director of the auction division of Ward and Partners Auctioneers.