Property auctioneers in the UK

When you conjure up a mental picture of property auctions and auctioneers, you may well envisage a stiff-suited man at the front of a smoke-filled roomm full of Arthur Daley lookalikes in sheepskins coats. Not wishing to shatter your illusion, but they are not actually like that. Property auctions - although stressful - are actually quite civilised places and many are now held in well-to-do hotels. In recent years the auctioneers have taken great strides towards modernising the way they do business and one of the benefits of this is a much better level of customer service. This means that you'll now be able to get useful guides, financial advice and even seminars that guide you through the bidding process and beyond.

One of the main attractions that drive people to buy at property auctions is the potential for a bargain. Many of the properties being sold at an auction are being sold for a reason other than the vendor wanting to move. It may be that a home is being sold due to debts, bankruptcy or repossession, by a housing association that no longer needs it, maybe it was originally bought with ill-gotten gains and the police have finally caught up with the perpetrator and claimed back the property, or perhaps it has been empty for a period of time, since the former inhabitant passed away leaving no descendants. There are many reasons why a property might be sold at auction and a good proportion of them result in the properties being offered for less than their potential value.

Therein lies the important word - 'potential'. Most auction catalogues contain properties that are best suited to buyers who wish to renovate or do some serious improvement works. You will be very lucky to find a home that you can move straight in to. They do pop up now and again, but they are few and far between.

TheMoveChannel is ready as ever with reviews of websites provided by businesses that are involved in the auction process. Click here to visit the appropriate section of SiteFinder.

In addition to the sites that we have provided, one of the best ways to find a property auctioneer close to where you live or are looking to buy, is to contact the Institute of Surveyors Valuers and Auctioneers on 0207 235 2282. They will then provide you with details of the auction houses near you, who you can then contact directly. It is worth getting on the mailing list of any auctioneers who regularly hold sales in your area, as this helps to maximise the length of time between you becoming aware of a property and the date of the actual event.

They will send you a catalogue covering the properties that are coming up in forthcoming sales. The catalogues do not go into great detail - they will show some pictures of the property, maybe give a floor plan, provide some details of the type of tenure and an indication of the guide price. The guide price is nothing more than an estimate of the eventual sale price. The reserve (or lowest selling price) will often be set much lower, though the eventual sale price is just as likely to be higher. It is worth pointing out that it can sometimes be worth making a private offer in advance of the auction. It is not uncommon for a vendor to accept a bid in this way if they think it is good enough for them not to bother with the costs of putting it through the auction - around 15% of properties put up for offer are said to be sold before the day actually arrives.