Auction houses often focus their attentions on unusual, hard-to-value premises such as churches and village halls. You’ll also find pockets of land, repossession properties, properties in need of renovation and commercial lots with potential for change to residential use.

However, there has been an upsurge in residential properties that don’t necessarily require renovation or development, as vendors turn to auctions to achieve a faster and more efficient sale of their home. That means an auction could be a great place for first time buyers to snap up a bargain.

The main advantage of property auctions is that they usually ensure a quick and efficient sale. Completion is normally within 28 days, or 20 working days. For this reason, auctions are a preferred method of sale for repossessions, properties proving difficult to sell, properties that have been on the market for a long time (through an estate agent) and properties with development potential.

Local authorities, mortgage lenders and housing associations may also have a considerable number of properties they need to sell quickly. It can be financially beneficial for them to request a property appraisal and if the price is right sell at auction, recovering their money without the drawn out processes and higher costs of going through an estate agent.

Interest in property development and investment has increased quite significantly over the past couple of years and the number of people using auctions to buy property has subsequently risen. Such competition inevitably means auction sales can often achieve higher prices than private sales.

To find out whether your property might be suitable for sale by auction, give us a ring or fill in our property enquiry form.