I’m a first-time buyer, can I buy at auction?

Yes, you can and more first-time buyers are now purchasing properties in our auction rooms. But you will need to work quickly when you find the property that you want to buy. First you should familiarise yourself with the auction process and we suggest that you attend an auction to see how it works. Work out how much you can afford to pay for the property and associated costs of purchase, then start searching for a suitable property in your area of choice.

If you need a mortgage, like most first-time buyers, it is sensible to start arranging this as soon as possible – it will help you to set your budget, to bid with confidence knowing that you have the funds needed and to get things moving quickly when you do make the winning bid. Remember if you do need a mortgage then the property needs to be mortgageable; you will probably appoint a surveyor or another professional to check the property for you and provide advice on value. You will also need a solicitor to examine the legal pack and advise on any problems. Then with help from others decide on your budget and maximum bid before attending the auction. Then check your finances, make sure that you have the 10% deposit accessible as you will be required to pay it over on the day plus any other associated costs.

First-time buyers purchase at auction because it can save them money, especially if they are prepared to do some DIY which will add value to the property after they have purchased it. It is a faster way to buy, but there can be risks and you really must do all necessary due diligence before bidding in the room because the fall of the gavel delivers a binding exchange of contracts and there is no turning back.