2008 could be the year for first time buyers to finally get their foot on the property ladder, and a property auction could be just the place to start.
It's a new year and 2008 could bring cheer to many first time buyers priced out of the market in the last decade. A housing slump is predicted – add to that the fact many more homeowners are expected to face repossession or be forced into a quick house sale and you're bound to find a property bargain. The reason more homes will be up for grabs at property auction is the global credit crunch. For many, it spells doom and gloom, but for some – namely first time buyers and those looking to ‘upgrade' their homes at an affordable price – it can offer some golden opportunities. The credit crunch crash means existing homeowners will find it harder to borrow money as lenders tighten their belts. This can be devastating if the homeowners in question need to borrow to pay off debtors or keep house repossession at bay. Add to that the fact that many homeowners are seeing their fixed rate terms come to an end and are facing mortgage repayment hikes, more homes are set to go under the hammer at property auction.
Property auction – snap up a bargain
It sounds heartless profiting on other homeowner's misfortune, but the housing market is a buyer's market now. Millions of people have made a fortune from their homes, and as a result of their good fortune, many wannabe homeowners have been priced out. For the first time in a decade, property is set to be affordable as the credit crunch brings some much needed adjustment to over inflated property prices. So now is the time to act. A property auction is the best place to make sure you get the property at the right price if you're a first time buyer. The long overdue housing correction now seems to be underway.
About to get lucky at a property auction
If you do your research, this could be the time to take the plunge at a property auction. As housing prices continue to fall, buyers are getting cannier and sellers more desperate. Before buying at a property auction you still need to know the market, be firm on what kind of property you want, what area you're looking for and what your budget is. As one auctioneer told the Times newspaper on why a property auction is great place to bag a bargain in a weak market: "The number of repossessed homes we have received has doubled over the past six months… they can be bought for 10%-15% less than you would pay through an estate agent."
Find your property bargain with Discount Property Auction
If you need help to get a faster sale, want to sell and rent back or are looking to buy a property at auction, contact Discount Property Auction. We're committed to helping you, whatever your circumstances.
If you want to sell your home, you can use our dedicated online auction facility, which allows you to upload your property yourself and put it in front of genuine, interested buyers. Call us now on 0800 1313 999 or email admin@discountpropertyauction.co.uk.