Low-cost homes 'up for grabs'

13-Feb-2007

First time buyers may be interested in a new auction for purchasing properties.

Dubbed Humraz, the new auction site allows homebuyers, such as first time buyers, to purchase a home via SMS or through the internet; the auction works by placing bids up to a limit of five per cent of the property's market value, reports the Sun.

"My older children really struggled as first time buyers … We were convinced we could develop a business to help a few people own their first home," said Asmat Monaghan, the founder of the auction site.

"After a year of hard work, Humraz was born," he added.

Each non-binding bid costs £3, with the lowest unmatched offer winning the property.

For UK-based properties purchased via auction, no stamp duty is payable.

To find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

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