Growing UK Property Auction Scene Helps First-Time Buyers

Because selling UK property has become very difficult lately, more and more properties are being sold at auction. While this is often not ideal for the seller, it does present buyers with the opportunity to buy property at severely reduced prices -- not least because many repossessed properties are being sold at auction.

Because of these repossessed properties, auctions offering bargain properties and new off-plan properties being released at prices lower than originally intended, it is currently far easier for UK first-time buyers to get onto the property ladder than it has been for several years.

Matthew Bonner is one such first time buyer who was able to find a bargain UK property as a result of the growing property auction scene, unfortunately the purchase fell through:

"The house originally went on for sale at £130,000 but the sale fell through, then it was put on at auction for £60,000 and we offered £90,000 for the property and the offer was accepted, we were waiting for the bank to pay the £3,000 deposit to remove the property from auction when they pulled out -- we had appointed a solicitor and done our home survey too."

While that auction gave Matt the opportunity to buy a home at 25% less than its valuation price, repossessed properties are the real gems because they are often sold for as much as 56% less than their valuation price.