Big companies and investors have traditionally dominated property auctions but more recently this has shifted to property developers, buy to let investors and even people looking for a new home. Property auctions become available when an agent is looking for a quick sale of a home and because of this urgency, buyers can receive discounts of up to 30% if they catch the market at the right time. This includes homes that have been repossessed, probate homes and unsold residence from property developers.
To find an auction near you, you can check the following places
- Propertyauctions.com offers a live feed of auctions taking place all over the UK. With catalogues and guides for each auction, you can receive all the information you need about the properties so you are ready to bid.
- Rightmove offers thousands of properties in the UK and allows you to filter results by auction. You can express your interest and you will be sent further details including the date and location of the event.
- You can find flats and homes for auction by looking through specialist property magazines and newspapers and speaking to your estate agent.
- The Essential Information Group was founded in the 1990s and has a database of over 400,000 property auctions and future events taking place. You have to pay a fee for the data but if you regularly visit auctions, it is worth the investment.
The Group recorded 2,452 auctions in 2013 of which three-quarters were sold. The North West seems to be the most popular area for auctions follow by the North East, London and Yorkshire.
At BridgingLoanHub, we offer auction finance for those looking to completing within the 28-day limit. If you have won a property at an auction, we understand how difficult it can be to raise the remaining 90%. With mortgages taking a lot of time to secure and all the lengthy paperwork involved, we are pleased to make lending decisions within a few hours and be able to transfer funds within the week. Based on the lenders we work with, you can typically borrow up to £25 million, rates starting from 0.59% per month, borrow for as long as 24 months, maximum LTVs of 70% to 75% depending on whether the lender we put you in touch with is regulated and also we hope to transfer funds within 10 to 14 days of the application date.