Going going gone – the rise of auction house-buying

15th September, 2005

A growing number of homeowners are choosing to buy property at auction, according to a new report.

David Dickinson wannabes seem to be emerging up and down the county, as the Royal Institution of Chartered Surveyors (Rics) reveals that the top auctioneer houses saw a 16 per cent rise in property bought at auction in 2004.

When considering investing in a property, it is important to take out home insurance to protect investments from accidental damage or acts of God.

Buildings and contents insurance will reimburse any damage to the house itself, or the belongings inside it.

Home insurance is equally important if the property is being bought as a buy-to-let, an increasingly popular trend in the UK.

Rics says that auctions are more accessible to consumers, as they are becoming easier to understand and the properties are sometimes cheaper.

'Properties on sale at auctions are usually available at a competitive price. Auctions also provide a platform for open and fair competition between bidders,' said Richard Auterac chairman of Rics' real estate auction group.

'Once the hammer comes down, neither the seller nor buyer can withdraw and the process is completed within a set time - with no danger of any link in the property chain breaking.'

 

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