Buying a house at auction is becoming more popular. On average every year more than 30,000 properties - 8% of the all properties sold in the UK - were sold at auction. Whereas the traditional way of buying a home is tortuous, long-winded and often reliant upon chains, with almost a third of all agreed sales falling through, the auction process is speedy and efficient.
The appeal of an auction purchase is, of course, the fantasy of finding your dream home at a fraction of the market value - and with prices sometimes significantly cheaper than in the estate agent's window, it's not entirely unrealistic. Of course, it does depend on how many other would-be buyers are bidding for your dream home, it's all too easy for a bidding war to start.
Prices are usually very competitive and often cheaper than on the high street. There's a wider choice of location for starters. Auctions, wherever their location, can contain properties (but also attract buyers) from all over the country. Properties can be much more varied than in the high street, with unique properties that are difficult to value, repossessed homes needing a quick sale and any unusual property that might be difficult to sell through normal channels.
It's a completely transparent process, and an open and fair competition between bidders. There's no chance that someone can sneak in and gazump you, because once the auctioneer's gavel falls, the sale is complete and binding.
The timescale involved is remarkably quick. Once sold, the property is yours and the completion date is fixed in advance - usually 28 days after the sale.
