Auctions may appeal to first-time buyers
27-Aug-2009
House hunters, including
first-time buyers, are increasingly attracted to house auctions, it has been noted.
According to Savills, the immediacy of the transaction is appealing to many buyers, including those purchasing their
first property.
Chris Coleman-Smith, auction director at the firm, said it has advantages over buying from an agent because it could take months to secure the house.
"That's why people come to auction. On the day, they either buy it or they don't," he said.
Mr Coleman-Smith went on to add that often houses sold in this way can offer good value for money, something that could particularly appeal to
first-time buyers.
In addition, they provide good opportunities for investment, whether it be for property development, buying for the future or purchasing for children, he remarked.
He pointed out that despite the shortage of money, the market is performing quite well.
Some 72 per cent of properties put on the market by Countrywide Property Auctions were sold successfully throughout July and the first week of August, cumulating in a total income of £490.8 million.
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Property market recovery 'will be slow' First-time buyers 'should talk to mortgage advisors' 'More confidence' in housing market over next few months
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