TRYING your hand at auctions is a good option for first-time buyers prepared to take on a property that needs a lot of work. Many of the flats or houses sold at auction are run-down and belong to local authorities who can’t afford the maintenance and are hoping for a quick sale. Speed is a key benefit of the system: if your bid is successful on the day, you can expect to receive the keys within three weeks, according to Savills auctioneers. And if you see the home of your dreams, you can try your luck and make an offer before the auction date.

Be warned, however: guide prices on websites and in catalogues are often set lower than the real value so as to attract bidders. Hopeful buyers can therefore pay for surveys and arrange finance before the auction, only to be outbid on the day.

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