Is "Underquoting" an Issue?

Chris Vedalago describes the legal loopholes that allow "underquoting". The major issue here is the difficulty of striking a balance between protecting consumers and allowing vendors the freedom to set prices as they wish, which is an important right in what is a free market place. While underquoting can be irritating for prospective purchaser's in that they may waste their time attending auctions on properties that are actually out of their price range, I haven't seen any evidence that the practice is particularly damaging for consumers in any sort of practical sense. It's hard to imagine that any measures to stamp it out would be worth the resultant negative effects on the rights of the seller.