The tedious business of house buying can be avoided through the alternate and increasingly popular route of buying property at auction.
Although, the process can take a month or even less, you will see rival purchasers and know what they will pay but buying property at auction can attract homes with problems such as those needing renovation, have sitting tenants or are flats above shops.
But canny buyers visit auctions frequently to pay a lower price than that prevailing in the market so long as they do their research and are not unfazed by the pressure of the bidding room.
Some of the best auctioneers for property
Allsop: offers everything from individual flats to landlord portfolios
Auction House: mostly in London, eastern England, the Midlands and the north
Barnard Marcus: properties across the UK but auctions in central London only
Barnett Ross: based in north London, selling homes requiring renovation to full blocks of apartments
Brendons Auctioneers: specialising in low-cost flats and small houses in London suburbs and commuter areas
Brown & Co: East Anglia and Midlands auctioneers, specialising in rural property
Countrywide: wide range of homes with auctions from Exeter to Glasgow
Fox & Sons: homes and shops in Southampton
Griffiths & Charles: specialising in Worcestershire property, sometimes selling house contents
Hunters: selling homes and shops in York
Martin & Pole: auctioning homes in Reading and Wokingham
Michael Poole: auctioning homes in the Newcastle area
Penny Cuick: small homes, flats and local shops in Birmingham suburbs
Savills: usually higher-end houses, auctioned in central London or Nottingham
Seel & Co: low-cost flats and houses in south Wales
Sharpes: low-cost homes in Bradford, popular with buy-to-let bidders
Shobrook & Co: Plymouth auctioneer specialising in tenanted homes, part-vacant investment properties or those requiring renovation
Strettons: mostly low-cost homes in London and southern England
Symonds & Sampson: Dorset auctioneer known for homes and building plots
Wilsons Auctions: specialising in small homes and shops
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.