Buying a first home at an auction can often lead to a good buy - 90 per cent of the cheap property sold in the UK goes via auction.

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Buying at auction should be a great buy - 90 per cent of the cheap property sold in the UK goes via auction.

Take care!! Do not get carried away.You will need to decide your 'walk away' or ceiling price based on what property price analysis you will find on this site. What the property is worth to you and what you can afford. Do not go over this amount no matter how much you are tempted. You must have the finances in place for 'completion'.

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You should visit an auction without bidding first, to get a feel for how the proceedings work, and to ask the auctioneer any questions you might have. Remember though you don't have to go to the auction to buy. 20% of properties are sold prior to auction and 24% are still available after the auction.

sold auction Allsop residential auction on 30th March, first time buyer opportunities?

Perhaps in an indication that market sentiment is changing and that lenders are becoming more impatient. Approximately 24% of the 330 + units for sale on the 30th are by Order of the Lender. Effectively repossessed properties.

That 80+ properties should be clearly availabe as repossessions represents a remarkable departure from the stock that is normally available through Allsop`s auctions.

Overall these figures suggest that up to 47% of property for sale at this auction are in some respects distressed sales.

It should also be noted that, up to fairly recently, auction houses had concentrated on the disposal end of the market place singularly. The recent shift in house prices has caused auctions to market themselves beyond their typical core audience, perhaps we are now witnessing a shift back to their more traditional operating methods.

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Buying a first home at an auction can often lead to a good buy - 90 per cent of the cheap property sold in the UK goes via auction.

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