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Ok, I'm a first time buyer but how do auctions work?

Property auctions sound fairly daunting to many first time buyers and rightly so. In many cases buying auction is not an option for first time buyers because of the initial capital needed. If you buy a property at auction you are required to pay 10% of your winning bid on the day of the auction. So clearly for many first time buyers it is just not possible.

However, if you have a good size deposit you could be a first time buyer that can save a large amount of money. Auction properties usually sell at 10% below there true market value, and sometimes it can be as much as 40%! So this is clearly a great opportunity for first time buyers to buy a property and have equity within it straight away.

If you are interested in property auction we suggest looking at Dedman Auctions, they mainly focus on auction within South England, but will be able to help any first time buyers interest in auction properties.

Also look at our first time buyers guide section, as there are some more useful information and tips. You could also try searching Google as they will have links to more information on auction properties for first time buyers.