Property auctions ''difficult for first-time buyers''

Though buying a property at auction is being more popular with everyday home buyers, it can sometimes be a complex and difficult process for first time buyers, according to one expert.

Legal work, surveyors'' fees and deposits needing to be paid all contribute to making property auctions a complicated place for first-time buyers to look for homes to renovate and revamp.

David Sandeman, from the Essential Information Group which collects data on property, said that after taking the possible compilations into account it is still possible for first-time buyers to find a bargain at auction.

He said: "I think one has to be realistic and you are working on a very tight time frame.

"You have got to have your funds in place: you''ll be paying a ten per cent deposit on the day and you''ve got to make sure that you are in a position to complete so you will want to have had a discussion with a mortgage company."

You may also be outbid at auction which may lead to disappointment but nonetheless there are "plenty of possibilities" and it is a quick way of getting a property.


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