Property auctions 'attractive' in current market

by Daniel Jones

People who want to secure the highest price for their property within a certain timescale can find value in property auctions, an expert has highlighted.

Auctions also provide an opportunity for buyers to purchase real estate for investment purposes, especially if they plan to refurbish it and sell on at a later stage, said Chris Johnson, managing partner at Smith and Sons.

First-time buyers can also take advantage, he told the Liverpool Daily Post, as they are able to carry out DIY projects and immediately enjoy some equity.

It is important to bear in mind, however, that not all properties are suitable for auction, but the decision to list the building is often made by the auction house.

Mr Johnson revealed that around 75 per cent of the properties offered for sale at auction reach their reserve price, so people are not necessarily missing out by selling in this way.

Lawpack's publication Buying Bargains at Property Auctions can help purchasers make the most of their experience at auction.

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Published on: October 4, 2011

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