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This is what the majority of auctioneers have been waiting for. The so-called "modern" method is a can of worms. Only last week I was solicited by another new group setting up a franchise across the whole of the country. The headline was: "Do you Want to Earn at least £200,000 a year?" encouraging all and sundry. I went along with the introduction as an interested party a to join up and entered into correspondence with the person who was leading the campaign. I asked whether the buyer's premium was added to the purchase for stamp duty purposes as required under revised HMRC rules, and I was told "no" in writing. I then asked if sellers were told that the amount they might receive for their property would likely be less if the buyer's premium was high and that this would put off some bidders and the answer was that they have had a very successful year with high prices being reached (avoiding the question). I was then cut off with the curt comment: "This model is probably not for you". This company is to hold a meeting for any estate agents who are interested in earning the amount they are promising. I hope they get their act together quickly for the sake of all the potential franchisees! I don't think this will be the last we hear from TPOS on the subject.

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Is that you Fergus?

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