Property auctions 'good for renovators'

Property auctions provide a great opportunity to market speculators looking to renovate properties in order to make a profit, it has been claimed.

According to Chris Coleman-Smith, auction director for international property advisor Savills, it is still possible to buy a house on the cheap at an auction, renovate it and then sell it on at a profit.

Mr Coleman-Smith believes that there are now fewer opportunities to do this when buying through traditional market channels as house price growth - while remaining positive - is slower.

"The thing about auctions I find is, particularly now, they're great places where you can add value to a product," he commented.

Previously, he said, "everyone's been spoilt with the market, capital values [have been] going up over the last ten years; everyone thinks that it's easy".

However, it is now more vital that bargains are sought out as vigorous house price growth is not as guaranteed as it was before - and these can still be found at auctions.

In order to ensure that the best deal is secured, though, Mr Coleman-Smith emphasised the necessity of buying on the day rather than "faffing around with agencies or buying privately".

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