There is a lot of interest in buying at auction amongst landlords, developers and some brave owner occupiers. I have bought several properties at auction and often give talks outlining the process for newcomers and sharing tips with the more seasoned buyer.

Buying at auction is certainly not for the fainthearted and like any major purchase it requires proper due diligence. Here is an outline of the process and a few things to watch out for.

There are many advantages to buying at auction: it is a good place to find development opportunities, there is a fast turnaround, you don't have to haggle via estate agents and you can - sometimes - get a bargain. The disadvantages are that properties may have problems that are not obvious and there may be a degree of uncertainty around legal issues and their condition. Borrowing money secured against the property can also be a challenge. Viewings are normally at set times, so you will need to be free at that time or may not be able to view. The biggest disadvantage is that you are pitted against all your competition on the auction day: lots of developers also looking for a good deal and often somebody determined to buy the lot you are interested in at any price.

There are numerous auction houses across the UK, either with regional or national reach. In London, where I'm based, the main ones are Savills, Barnard Marcus, McHugh & Son, Allsops, Andrews & Robertsons and Strettons. They have comprehensive websites with online catalogues. You can find auctioneers in other parts of the UK at www.eigroup.co.uk which is a great central information source. You can even watch auctions taking place online.