By: Alexander Garrett 13/08/2019 It’s a buyer’s market at today’s property auctions. But you still need to do your due diligence before bidding. You might not realise it from the popularity of shows such as Homes Under the Hammer, but property auctions are suffering a slowdown. In the last year, £2.7bn-worth of residential property was sold through auctions in the UK – a sizeable figure, but down almost 14% on the previous 12 months due to fears about Brexit and other economic uncertainties. That downturn means it’s very much a buyer’s market right now, says Chris Coleman-Smith, head of auctions at property company Savills. Three or four years ago, the boot was on the other foot.Still, if you’re a potential buyer considering bidding at auction for the first time in the hope of getting a good deal, there are a few tricks to learn before bidding. If you’re attracted to auctions solely because the guide price looks like a steal, you may well be disappointed when a property sells for much more. It’s not necessarily a trick to get people along – but it is an example of why you need to understand the subtleties of the process. “The guide… Read full this story
- Italian public properties auctioned off for 20 mln USD
- Collection Seized By U.S. Marshalls Includes Some Amazing Bargains
- The 10 Most Expensive Cars Sold at Auction in 2019—So Far
- 2002 V8-Powered Mercedes G500 Might End Up Being A Bargain
- Barn-Find 1966 Ferrari 275 GTB Alloy Tops Gooding & Company Auction at $2.53 Million
- Uh-oh. Dilip Chhabria's DC Design's Property To Be Auctioned!
- Massachusetts Planning Online Auction Of Unclaimed Property
- 1993 Porsche 911 RS 3.8 Brings $1,655,000 at RM Sotheby’s Amelia Island Auction
- Take Your Pick Of Zuffenhausen's Hypercars At RM Sotheby's Porsche Auction
- Eight First-Generation Ford GTs to be Auctioned at Barrett-Jackson Scottsdale
Snap up a bargain at a property auction have 310 words, post on moneyweek.com at August 13, 2019. This is cached page on Business Breaking News. If you want remove this page, please contact us.