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Benefits and risks

Preparing for an auction

Finding finance

The auction market at a glance


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People have a preconceived idea when it comes to the type of properties sold at auction. Most people believe that the properties sold at auction are either repossessed properties or problem properties. 

There is also a belief that auctions are only for cash buyers and savvy property investors who know the market inside out.
However, this is a complete misconception which is now starting to be dispelled. 

It’s estimated that almost a third of those at auctions are there for the first-time.In addition the number of first-time buyers is also increasing as people look to take advantage of alternative methods of purchasing a property. 

One of the main attractions is the certainty and speed that auctions can provide. Buying from an estate agent can take a significant amount of time but at auction, a purchase can be completed in just a few weeks.

Once the hammer drops the bid is binding and the deal is struck.

As the successful bidder you will need to provide a 10% deposit once you have won the auction and you’ll be expected to settle the remaining balance within the following 20 to 30 days.

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