According to Auction Finance Limited, property auction sales are completing in record times as vendors demand increasingly quick completions.

The traditional timescale for completion on properties sold at auction is 28 days now 14-day and 7-day completion periods are becoming increasingly common.

Scott Hendry, new business manager at Auction Finance, said: “We’re definitely seeing an increase in the number of properties being sold with a short completion period. Less experienced bidders tend to shy away from these lots so there are plenty of opportunities for serious investors who have the financial backing to operate within limited timescales. If you can act quickly, you could pick up a real bargain.”

The increase in short completions is thanks to the number of distressed sales which are appearing in auction catalogues. Many vendors are content to sacrifice some of the potential revenue from the sale of a repossessed property in return for a rapid completion. With both the Royal Institute of Chartered Surveyors (RICS) and the Council of Mortgage Lenders (CML) predicting a sharp rise in repossessions during 2008, the number of short completions in the catalogue seems set to follow suit.