With the traditional property purchasing process, buying a home can be long and tedious. But one trend that’s fast on the increase can significantly speed things up – and give you the chance of getting a bargain, too.
Property auctions have always existed, but their appeal seems to be on the up. London-based auctioneers have reported a significant increase in the number of property auctions taking place this year – in some cases, they’ve tripled – and interest from buyers is high. In fact, Savills are reporting that their auction rooms are full to the brim with prospective buyers and many properties are selling well above the guide price.
Although typically regarded as the realm of repossessed or rundown properties for refurbishment, it’s also possible to pick up prime properties at auctions. You do have to be on the ball though and not get sucked into the bidding atmosphere without doing your homework first. After all, a major purchase like a property is a bit different to buying the occasional item on an auction site such as Ebay.
As with any property purchase, it’s important to view an auction property first, so you can be sure it’s right for you and doesn’t have any major flaws. The auctioneers will be happy to arrange a viewing in advance for you. Don’t forget to ask for a copy of their legal pack, which most properties should have, as this will highlight any issues; if you’re not confident that you’ll understand it all, seek advice from a solicitor. If you’re planning on carrying out building work or renovations, then you may benefit from taking along a builder to the viewing and gleaning their advice on what will and won’t work, as well as potential costs of any work.
Auctions work at a fast and furious pace and if you’ve never been to a live event before, it’s well worth going to one or two first, just as an observer. That way you’ll know how everything works and hopefully avoid getting carried away with the buzz on the day or ending up with a property you don’t really want.
Finding property auctions in the UK is fairly straightforward – when you search for UK property for sale on Primelocation.com, enter the word ‘auction’ into the keyword field, and this will bring up the properties listed for auction on the site.