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June 13, 2007

Unsuccessful bidders at UK property auctions waste £22m

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by Kay Mitchell

Unsuccessful bidders at UK property auctions waste £22m

According to auction website, Humraz.com, unsuccessful bidders at UK property auctions accumulated yearly losses in excess of £22m in 2006.

Buying property at an auction is extremely popular in spite of the financial risks involved. In 2006, around 18,000 residential properties were sold at auction in the UK, a huge 132% rise on the 7,883 auctioned in 1997. The nation’s liking for TV shows such as “Homes Under The Hammer” promote auctions as a way of getting a good deal on a property.

Pre-auction fees can cost in excess of £1,000, these can include professional services related to surveyors and lawyers and there’s still no guarantee of buying the property you desire and for every auction winner, there will be at least one other losing bidder who has wasted a large portion of their savings.


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