Auctions can get you bargains, and also some nightmare issues. In a down market, they can perform better but in a buoyant market like at the moment, when someone can sell a property in a couple of weeks at the asking price, even desperate people don’t need to use Auctions.
Many people would say that an auction can help sellers get cash, though there are many companies (including our own) who advertise online and will buy a property for cash at a discount in a couple of days without the need for an auction.
All in, if you have the cash that if the auction property you bought fails it’s not a big loss go ahead, you may also make massive wins. Equally, if you are into construction and have some time they can be another option in your portfolio.
I would suggest they are not for the novice, someone who doesn’t live in the area, or the faint-hearted.
There is no such thing as too good to be true in the UK market by the time it got to an individual client.