PROPERTY auctions are becoming increasingly popular, with the top 20 commercial and residential auctioneers seeing a 16 per cent increase in sales.

Last year, properties sold at auction came to a total value of £3.38 billion and more and more people are turning to auctions to buy and sell property because of the simplicity and speed of the process, with deals agreed on the day.

However, it is not a trend that is popular across South Bucks, according to Trevor Kent, principal of Trevor Kent and Co in Gerrards Cross. He said: "Property auctions don't seem to feature very greatly in South Bucks, probably because a large amount of properties come from unfortunate circumstances such as structural or fire damage or properties which have been repossessed.

"Fortunately we are way below the national average for that sort of property."

Anyone can buy properties at an auction but most buyers are currently private investors. Auction properties for sale come from a variety of sources, including private sellers, investment funds, government agencies such as the police and army and banks.

An increase in repossessions also means there is more property coming up at auctions.

Richard Auterac, chairman of RICS' Real Estate Auction Group, said: "Properties on sale at auctions are usually available at a competitive price. Auctions also provide a platform for open and fair competition between bidders.

"Once the hammer comes down, neither seller nor buyer can withdraw and the process is completed within a set time with no danger of any link in the property chain breaking.

"Auctioneers recognise that to keep auctions at the forefront of the property market they need to deliver a professional service which responds to the changing needs of their clients."

Auctions may be a good way of selling conventional properties, but Mr Kent says it takes a very brave person to do it that way. He adds: "The advantage of an auction is that you have an immediate sale and the buyer has to pay 10 per cent on the day and can move in 28 days later. The downside is that some people don't like auctions because of all the extra expense that goes with it.

"You have to do all the pre-purchase work such as the surveys and securing a mortgage, only to risk being outdone in the bidding by someone else."

Most of the properties which are auctioned in South Bucks are special houses which cannot be valued, but these are very rare. Mr Kent added: "If anyone fancies trying the auction route, I would be very happy to help."