Buying a property at auction is fast rising as a popular method of buying property, with 21,000 homes going under the hammer each year.

There has been a 60% boost in the number of properties being bought and sold at auction since 1998, according to a leading provider of auction information across the UK.

Thousands of bargain hunters and professional investors are turning to the UK's auction rooms to find their perfect property at reasonable prices. But research is the key, and novices keen on buying at auction should carry out adequate checks before the hammer falls. Auction experts exhibiting at the Property Investor Show present the following advice on how to make the most out of buying at auction:

* Investigate the lots for sale. You can either contact the auction house or search online for information of all the properties for sale at auction.
* Arrange to view any of the lots you are interested in buying and research the property carefully. You could ask local estate agents or neighbours for their view.
* Many properties being sold at auction are in need of development, so make sure you are aware of how much time and money needs to be invested in the property.
* Carry out detailed checks on the property in question, including land, legal and structural surveys. It is best to look for advice from a professional.
* Sort your money. If you profitably bid for a property, you will need to pay a 10% deposit on the fall of the hammer and the balance within 28 days.

Buying at auction has become a lot easier for both novice and professional investors, with the number of properties being bought and sold at auction rising by 60% since 1998. One of the main reasons for this is the internet, which facilitates the entire process, giving potential buyers access to information on lots for sale across the country in advance of the auction.

Buying property abroad through auction is also becoming a more well-liked option. Inez Rix, director and auctioneer of Direct Auctions, a Spanish auction house exhibiting at the Property Investor offer commented: "One of the main reasons buying overseas property at auction has been so successful is that the properties are commonly considerably cheaper than in the open market. It is possible to buy an overseas property at auction up to 50% lower than other similar properties."