Too many bidders are playing Russian roulette by buying property at auction without doing their research, according to Auction Finance Limited.

The company said that around 75% of its buyers don’t get a valuation carried out before they make a bid.

Irene Thomas, operations manager at Auction Finance Ltd, said: “Seasoned developers with a lot of experience in property and large portfolios often don’t bother getting a survey. Many of these buyers use their existing knowledge about property to approximate its value and spot any potential problems.

“However, auction novices should not follow their example and we always recommend getting a survey carried out before buying. It may cost more but the amount of money, time and hassle it could save in the future by highlighting any major flaws is worth the added expense. Buyers must be aware if they make a successful bid they are committed to going ahead with the sale.”

When buying at auction, novice buyers should get an auction catalogue a few weeks in advance and have a survey carried out on properties they are intending to bid on.