Property investment - the David Dickinson Way

photo credit: LHOON
On this website the topic of foreclosed homes in the US often comes up as the market in which to grab a bargain. However closer to home it’s becoming increasingly evident that you can save yourself some pennies by going to a property auction in the UK.

The amount of residential property sold at auction is currently at the lowest level since 1991, with the success rate standing at a dismal 52 per cent. Commercial property auctions have also seen a decline to a 60 per cent success rate. Experts reckon it’s because people have lost faith in the property market, or can’t get the finance they need.

Most are repossessions

Many of the houses for sale at residential auctions are repossessions which the sellers are keen to get rid of quickly. So if you’re a first time home buyer with your finance secured or you’re after an investment property, like a student house, to rent out, you could be onto a real winner here.

The future’s bright - the future’s orange

Of course, going to an auction does require some preparation, as well as researching and visiting the property beforehand if you can, it’s absolutely essential to cram in hours of daytime TV for research, including Homes Under the Hammer and anything which involves David Dickinson or that posh Cash-in-the-Attic chap (Ben? Alistair?).

You’ll see that an auction is easy peasy, as long as you don’t sneeze, inadvertantly buy a derelict old mansion and have to watch Kevin McCloud programmes for the rest of your life. You have been warned.

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