How To Buy Property At Auction

Buying At Auction
What's Involved?
Arranging Finance
The Pros & Cons Of Buying At Auction

Whether you're looking for a home or an investment, buying at auction can save you thousands. Find out what's involved.

georgian house. How To Buy Property At Auction

Despite the house price crash and following stagnation, property prices are still out of reach for many of us. But you can snap up a bargain if you buy at auction. But while buying a home at auction is clearly a minority pursuit, it is a much quicker and more efficient process than the traditional house-buying chain, and worth considering for the well-organised and bold.

Who Buys At Auction?

The majority of auction-goers are those in the trade and in the know, such as property dealers and developers.

'It's rare for owner-occupiers to buy at auction,' says Paul Mooney, auctioneer for London-based Savills. 'This is especially true of first-time buyers. They will usually need a larger deposit.'

If you're thinking of trying your luck, you need to be aware of the types of properties that typically come up for sale at an auction - you're not going to get the same sort of choice as you would find in an estate agent's window. Properties tend to comprise of un-modernised local authority or housing association homes. In the majority of cases, they are homes that wouldn't sell on the open market, which means they'll need a lot of work.