Novice bidders need to get clued up

Increasing numbers of would-be homeowners are piling into the auction room to get their foot onto the property ladder without understanding the process, say experts. According to the Essential Information Group, recognised as the UK’s leading source of data on the property auction market, in April, more than £170 million worth of property was sold at auction. With banks still reluctant to lend and demanding sky-high deposits on property, more and more people are looking to auctions as a way of bagging a bargain. This has led to inexperienced bidders who are not familiar with the auction process losing out on their ideal property.

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