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properties sales in london auctions

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Either you are a first-time buyer or a property investor, a property action is a chance to grab a repossessed property for sale at as little as 60 per cent of what the mortgagor originally paid.

According to recent statistics, the volume of repossessed property appearing at auction has risen by 100 per cent over the past 18 months, so it should be an ideal time to start bidding.

But be careful when you go to an action, you could find yourself paying over the market value because there are many people who will be at an auction specifically with repossessions in mind.

The problem for a potential auction buyer is that a low guide price may attract so many interested parties that it results in a higher sale price.

Therefore repossessed properties are good bargains only if no one else has noticed them and is bidding against you!    

London properties auctions

Auction properties are very low in price, usually they are small lots, particularly flats. But you have to be realistic about the types of property that are sold at auction. Most of the time it's very unlikely to find a repossessed home that is in very good condition!

Repos may be in a bad state, but you can assess that when you go and view.

In the vast majority of cases there have already been attempts to sell repossessed properties in the private market and they have not sold.

This could be because they are in a bad state, have structural problems, or legal issues.

The latest data, taking in sales from the last quarter of 2009, shows that the largest numbers of new build flats offered at auction have been in the north of England, Scotland and Northern Ireland.

The price is low because the lender has a duty to sell at the best price, time is money, and they will want to recoup their funds as quickly as possible.

Property is becoming increasingly popular as an alternative investment, however, buying at auction requires patience, nerve and a great deal of research - not to mention a great disponibility of cash. There are also important risks to consider, but above all it's a good gamble that can reward your risk.

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