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Property Auctions - What The Papers Say

THE SUNDAY TIMES

Sunday Times property writer Mary Wilson is encouraged Iliat the erstwhile locked aiid burred doors of property auctions are now being opened to the public. No longer are these events the sole domain of developers, landlords and professional dealers. She writes:

"The auction room is becoming a popular place to buy and sell property. A property auction can be an excellent way of getting a bargain. The days are gone when only dealers bought in the auction room. No longer is it the domain of sharp dealers and developers looking to make a quick return. At the beginning of last year I would say 95% of the people in the room were dealers, in just 12 months that has reduced to a 60/40 split between dealer and private individual. There are so many properties to choose from - anything from a two bedroom miner's cottage to a disused bunker to a former water mill. A rather nice public loo by Battersea Bridge in south west London went for just £35,000 before Christmas. Properties they are selling vary hugely, from repossessed flats to good quality family houses. The advantage of an auction is that there's no gazzumping. Two pieces of land in Monmouthshire which carried the feudal title of Lord of the Manors of Trelleck and Trelleck Grange went to a Welshman for £7,750 who claimed he already had a title and was only interested in the land! These days auctioneers are doing all they can to help the private individual. Free surveys and independent legal and financial advice. Banks too are getting better at organising finance."

Watchdog

BBC Watchdog Finds the Cheapest Flat in Britain
Here's the bargain that everyone hopes to find. It's a one bedroom flat in Sal ford, Manchester and it's got double-glazing, central heating, a fitted kitchen and carpets and it's worth £20,000 on the open market. But Waqar Arbassi bought it at a house auction for ... £140. It's the cheapest flat in Britain. And amazingly for his £140 Waqar also gets to use the building's gym and sauna.

Ann McKevil, BBC Watchdog: On The House

THE SUNDAY TIMES

GOVERNMENT SURPLUS
"A £5 billion programme of state scll-offs has just been ordered by Gordon Brown, the Chancellor - land, buildings and other assets government departments no longer need. The Department of the Environment, Transport and the Regions owns 3,600 houses worth an estimated £250 million, mostly bought by compulsory purchase for road schemes which have long since been abandoned. Foreign Office assets include 71 houses or flats for the use of embassy staff in Washington DC, 49 in Paris and 21 in New York."

BBC TWO

A £40,000 Flat Knocked Down For £13,500
A television documentary recently provided detail of a flat, located in a highly desirable residential area, that was originally purchased for £49,000. Despite an offer of £40,000 (indicating the property's current market value) the building society moved in and repossessed. The flat was then quietly and quickly put tip for auction where it fetched just £13,500. Taking Liberties: A Little Xtra Help, BBC2

SUNDAY EXPRESS

"One of the main attractions of house auctions is the potential for the hard-pressed homebuyer to land a bargain. One recent survey calculated that buying a property at auction was 20 per cent cheaper than from estate agents' windows. Many of the properties at auction are sold for no other reason than the vendor wanting to move quickly. It may also be that a home is being sold due to debts, bankruptcy or repossession or by a housing association that no longer needs it."