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Grab Your Dream UK House on the Cheap – UK Property Auction

It is unfortunate that many people are still unaware that every year thousands of attractive UK properties are sold at much below market prices in UK auctions. These property auctions are predominantly used only by the elite and astute real estate investors. The average home buyer in UK does not seize this great opportunity to secure a dream home at bargain prices.

However it is important not to get over-excited because there are some critical issues involved when buying properties in public auctions in UK as in all other countries. But you can certainly be a huge gainer if you care to learn the intricacies of attending and buying homes at auction and it is very likely that you can end up buying your dream home here.

As stated earlier, thousands of homes in prime areas are available at all times in UK property auctions waiting to be sold at prices below market value. It is perfectly true that you will pay 25 percent less for a property at a UK auction than you would if you buy the same property through an estate agent.

UK auctions are great places to pickup properties and the advantage here is you can sometimes get an excellent property in a good location at a cheap price. You can do the necessary renovation and resell the property making handsome profits. Or, better still you can modify the property to make it your dream home.

There are different sizes of UK public auctions. Large auctions invariably have over 100 lots and on an average, over 300 people attend these auctions that are generally held in a large hotels or conference centers. Large composite auctions are likely to be run by a single auction house.

Medium size auction have between less than 100 lots and typically attract around 200 people. These auctions are most held in a hotel or conference centre. It’s similar to large composite auctions - only on a smaller scale. Small composite auctions have 2 to 5 lots and generally attract up to 5 bidders. The likely venue is a pub, restaurant, church or a small hotel. Small auctions believe the best returns can be obtained by offering the properties for sale individually.

Details about when and where UK auctions list are held, is in many cases, not known to the general public. The one way is to obtain the list of UK auction houses and ask them to put you on a mailing list. Some houses may charge a small fee for this purpose and most others will offer the service for free.

Obviously they will provide the relevant particulars of the properties going under the hammer at their auctions- including the location, construction details, size and design, repairs required, special features etc. You will be provided with all these information usually a month to the auction date.