Whether you're looking for a home or an investment, buying at auction can save you thousands. Laura Brady finds out what's involved.
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UK house prices rose by 10.5% during 2006, bringing the average price of a property up to £173,746. So it's not surprising that an increasing number of buyers - especially cash-strapped first-time buyers and savvy property investors - are turning their attention to auctions.
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 need a 10% deposit instead of a 5% one.'
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.
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