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  • Residential Market Survey December 2016:  Residential Market Survey Rics Ulster BankCHARTERED surveyors have claimed house sal...read more


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  • Auction Data for May 2016 Double-digit growth when comparing May 2016 with May 2015:  Monthly News Update Overall Statistics May 2016 ...read more


  • Advice on Stamp Duty Land Tax In Northern Ireland: Stamp Duty Land Tax is a percentage paid on the purchase of a home or non-residential property to th...read more


  • Auction Data for November 2015:  Monthly News Update Overall Statistics November 2015 ...read more


  • EIG Monthly Newsletter November 2015:  Monthly News Update Overall Statistics October 2015 ...read more


  • Massive rise in Northern Ireland prices forecast by industry experts: They are also predicted to rise by 6% in the UK in the same period, according to the Royal Institut...read more


  • EIG Monthly Newsletter September 2015:  Monthly News Update Overall Statistics August 2015 ...read more


  • Property auction market returns to growth!:  Monthly News Update Overall Statistics June 2015 ...read more


  • House prices rise by 7.5% in Northern Ireland in 12 months, according to ONS report: House prices rise by 7.5% in Northern Ireland in 12 months, according to ONS reportBy Vicky ShawPUBL...read more


  • Auction Data for April 2015:  Auction Data for April 2015   Difficulty reading the figures? The figures be...read more


  • Auction Data For March 2015 - 23/03/2015:  Monthly News Update Overall Statistics February 2015 ...read more


  • Auction Data for January 2015:  Monthly News Update Overall Statistics January 2015 ...read more


  • EIG Monthly Newsletter January 2015:  Monthly News Update Overall Statistics December 2014 ...read more


  • Auction Data for November 2014:  Monthly News Update Overall Statistics November 2014 ...read more


  • Auction Data for October 2014:  Monthly News Update Overall Statistics October 2014 ...read more


  • How to succeed in the auction room: After the most buoyant quarter of house sales since records began, a sense of realism is setting inD...read more


  • EIG Monthly Newsletter October 2014:  Monthly News Update Overall Statistics September 2014 ...read more


  • BRG Gibson Auctions - EIG Monthly Newsletter September 2014:  Monthly News Update Overall Statistics August 2014 ...read more


  • Auction Data for July 2014:  Monthly News Update Overall Statistics July 2014 ...read more


  • Monthly News:  Monthly News Update Overall Statistics June 2014 ...read more


  • EIG Monthly Newsletter June 2014:  Monthly News Update Overall Statistics May 2014 ...read more


  • 68000 Northern Ireland homeowners in negative equity: 68000 Northern Ireland homeowners in negative equityNegative equity remains a large problem for home...read more


  • Going once, going twice... Sold!: In an article in the London Times recently it was reported that the words “Going once, going t...read more


  • Strong set of results, as over 400 million was raised across 128 UK auctions - a huge increase of 50% on March 2013:  Monthly News Update Overall Statistics March 2014 ...read more


  • Surge in auctions continues!:  Monthly News Update Overall Statistics February 2014 ...read more


  • Auction Data for January 2014:  Monthly News Update Overall Statistics January 2014 ...read more


  • BRG Gibson Auctions, Rated Top Regional Auction House in Northern Ireland for a 2nd Year by Estate Gazette!!! : Estate Gazettes Auctions: Regional Round-UP: Lots Of Good News In 2014 February EditionThere is a lo...read more


  • Homes Under the Hammer return to Belfast for BRG Gibson Auction 4th Feb Property Auction : Homes Under the Hammer return to Belfast for BRG Gibson Auction 4th Feb Property Auction   BR...read more


  • Year-end property auction newsletter shows rising sales and increased revenues:  Monthly News Update Overall Statistics December 2013 ...read more


  • Auction Activity 2013: This is the content of the Essential Information Group’s first newsletter of 2014, which looks...read more


  • Partner Agents/Joint Agency Opportunities: BRG Gibson Auctions welcomes instructions from estate agents who have suitable properties on their b...read more


  • Current Vacancies: Join us and become part of BRG Gibson Auction TeamCorporate Services CoordinatorCommercial Senior Sa...read more


  • BRG Gibson Auctions TO BE A TV HIT! Homes Under the Hammer!!!: BRG Gibson Auctions TO BE A TV HIT! Homes Under the Hammer!!!   Lion TV Scotland, Homes Under...read more


  • Property auctions record all-time highs in October!:  Essential Auction News Welcome to the November newsletter that looks back at ...read more


  • Essential Auction News:  Essential Auction News Welcome to the October newsletter that looks back at ...read more


  • Ten years until Price Recovery.: The consultancy firm Price Waterhouse Coopers have warned that it may take more than a decade f...read more


  • Property auction market continues to grow:  Essential Auction NewsWelcome to the September newsletter that looks back at property auction acti...read more


  • Average House Prices rising in N. Ireland: The price balance of the latest RICS and Ulster Bank Housing Market Survey for Northern Ireland was ...read more


  • Estates Gazette Top regional auction houses for H1 2013 by amount raised: Property auctions in Northern Ireland recorded the largest regional growth in the first half of 2013...read more


  • : Auctions have acquired a reputation as a place where banks cleared bankrupt stock, but a recent arti...read more


  • Activity in the N Ireland market in the 1st Quarter 2013: The three-month period to the end of March 2013 was the first since the summer of 2007 in which Nort...read more


  • Craigavon most effected area in the UK by drop in House Prices. First Time Home Buyers at 5 Year High.: Towards the end of December last year it was reported that the average cost of a home in Craigavon w...read more


  • Housing Market Survey and Annual Auction Results.: The most recent Northern Ireland housing market survey produced by the Ulster Bank and the Northern ...read more


  • National Auction Analysis EIG:  National Auction Analysis As expected, the residential market witnessed large increas...read more


  • Investors Buying NOW While House Prices Hit Low!: House prices are still falling in Northern Ireland according to the latest RICS (Royal Institut...read more


  • N. I. House prices fall greatest in U.K.: Helen Carson, who writes on property related matters in the Belfast Telegraph wrote in the paper on ...read more


  • Housing Market Downturn is now five years old.:    According to the latest RICS and Ulster Bank Housing Market Survey for July 2012.Norther...read more


  • Current Market Conditions and Let the Buyer Beware: The price balance of the latest RICS and Ulster Bank Housing Market Survey recorded its lowest readi...read more


  • RICS and Ulster Bank Housing Market Survey: We are on the eve of our next auction, to be held at the Stormont Hotel on the Tuesday the 8th May. ...read more


  • March Auction 2012:  Hot on the heels of their previous very successful auction held at the Stormont Hotel, Upper Newto...read more


  • 2 Feb 2012 - Mustbesold.com & BRG Gibson Auctions: BRG Gibson Auctions AnnounceOn the 2nd of February 2012 at the Stormont Hotel Belfast, there will be...read more


Going once, going twice... Sold!

In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”

 In an article in the London Times recently it was reported that the words “Going once, going twice . . . sold!” are marking the moment when property ownership becomes a reality for an increasing number of buyers.

 

Apparently with prices continuing to rise house hunters looking for value are turning to auctions, where there are still bargains to be found. Buying this way also removes the uncertainty and delays associated with buying through an agent. Once the gavel falls on your high bid, you secure your house there and then.

 

Essential Information Group, which tracks the results of UK property auctions, says that in February there was a 15 per cent year-on-year rise in the residential market, with £355 million spent on homes. Christopher Coleman-Smith, the head of auctions at Savills, has witnessed this surge at first hand. “Our last auction was fantastic, with a 90 per cent success rate,” he says. “It was a bit like 2007 again; the room was very strong with a wide cross-section of buyers including owner-occupiers, buy-to-let investors and developers.”

 

Properties at auction can sell at a discount because of the seller’s circumstances, for example bankruptcy, repossession or the need to clear debts. There is also a lot of ex-council stock, and some private sellers simply like the speed and simplicity of the process.

 

Samantha Collett, the author of How to Buy Property at Auction, says: “As a vendor it’s a very certain and speedy way of making a sale. On that day it’s gone — they get their 10 per cent and 28 days later they actually get the money. That’s hugely attractive.”

 

Whether or not you get a home for a song depends on many factors. Andrew Binstock, a director and auctioneer at Auction House London, says: “The quality of a property’s marketing, the promotion of the event itself, even who turns up to the auction on the day can all have a significant impact on whether or not there is a bargain to be had.”

 

Collett, who describes the market as “hot, buoyant and competitive”, says: “There are still bargains, especially if you’re looking for rental properties in the Midlands or the north. You can get some real steals right now and they have good yields.

 

“In London and the southeast it’s more about capital growth, but there are still some really keen bargains out there. If you’re the only serious bidder on the day you can walk away with a great deal. It all depends who’s in the room. If a property is being bid for by investors the price won’t be as high as owner-occupiers. Developers need to make a margin.”

 

If you want to avoid competition from developers look for listed buildings, which they sometimes avoid as they can be difficult to turn around quickly.

 

When buying at auction it’s critical to have your financing in place. Winning bidders must pay a 10 per cent non-refundable deposit on the day, which they will need in cleared funds, and then settle the balance within 28 days.

Mark Harris, the chief executive of mortgage broker SPF Private Clients, says: “It is vital finance is organised up front, whether it be cash for the deposit, or a mortgage, and this should be a ‘mortgage offer’ as opposed to a ‘decision in principle’, which some buyers rely on at their peril.”

 

Guide prices are only an indication of the seller’s minimum expectation and are usually exceeded significantly. At a Savills’ auction this month a two-bedroom house in Walthamstow, East London, with a £375,000 guide price sold for £461,000 and a three-bedroom house in Chessington, southwest London, with a £235,000 guide price sold for £286,000.

 

The legal packs prepared by the seller’s solicitors are a mine of information. They contain home information packs, energy performance certificates, special conditions of sale, title deeds, leases, land registry entries and other useful information.

 

 If you are considering putting in a bid, hire a solicitor to look at this paperwork, as it could save you a fortune in the long term if there are any legal problems.

You might also hire a surveyor to get an idea of the cost of improvements and spot any major defects. You may balk at spending about £500 on this when you could be outbid on the day, but buying a home with significant problems could be far more costly. With auctions “caveat emptor” should be your watchwords.

 

Binstock says: “Auction stock can vary massively. It is important that you know what your financial limits and capabilities to do work are before going for a property. Prudent buyers do the research so that they have a handle on what costs are likely to be involved once the property is theirs.”

 

You should also look at what houses in the same road have sold for recently to get an idea of the market rate. If buyers bid up a property it can go for more than it would with an estate agent, so establishing an idea of prices with online research is essential. “Don’t always assume that just because it’s at auction it’s a bargain,” Collett says.

 

If you’re the highest bidder the gavel will fall and, subject to the reserve being met, you have bought the house. This legally binding arrangement is the equivalent of exchanging contracts. You will be asked for payment of the deposit and the auctioneer may require a buyer’s fee of in or about 1 per cent of the sale price.

If you aren’t the winner there may still be a chance to get the property. If the reserve price was not met, a deal can sometimes be secured immediately afterwards if the seller wants a fast sale. In this situation it can pay to stay and speak to the auction house.

 

So are auctions for you? Collett, who abandoned estate agents after being left out of pocket when a vendor pulled out of a deal on the day they were meant to exchange, certainly thinks so. “I don’t think that anybody who has bought or sold at auction would go back to using an estate agent,” she says. “It’s the easiest, most convenient way to buy property — and it’s great fun.”