Property auctions attracting private and first-time buyers

19-Jun-2007

Property auctions are becoming increasingly popular with private buyers as the internet offers this form of property purchase to ever increasing numbers of buyers, the Essential Information Group has said.

David Sanderman, managing director of the Essential Information Group – which provides both information and online auction facilities to many property auction houses – said that where auctions used to be the preserve of developers and investors, private homebuyers looking for a bargain were now also entering the arena.

"Auctions are becoming a lot more popular. We are seeing a ten per cent growth year-on-year," said Mr Sanderman.

"The value of lots is going up. This is because of the increase in the value of property but also because of vendors putting bigger lots to auction. It is not now seen as a sale of last resort. With the advent of the internet we can get information out to private buyers. Auctions are no longer the preserve of investors and developers."

He explained that before the advent of the internet private individuals just weren't able to get all the due diligence completed because there was only a two or thee week timeframe between when the catalogue came out and the sale.

However, he said that the internet has changed this and people are increasingly using auctions as a good place to start when buying a property.

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