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Mortgage holders told about growth of property auctions
20th June 2007

Property auctions are becoming an increasingly mainstream method of buying a home, it has been claimed.

David Sanderman, managing director at online property auction specialist the Essential Information Group, has made the comments after noting that the web auction sector is currently experiencing growth of ten per cent per year.

And 50 per cent of bidders at some auctions are private buyers, Mr Sanderman has revealed.

Moving on, he has attempted to explain why interest in the category among private mortgage holders appears to be growing.

"It is not now seen as a sale of last resort," he argued.

"With the advent of the internet, we can get information out to private buyers. Auctions are no longer the preserve of investors and developers."

Mr Sanderman also noted that the value of lots is steadily increasing, in part because of rising house prices.

Recently, financial services provider Nationwide Building Society put people looking to find a remortgage deal on alert when it revealed that average house price inflation in May 2007 had risen 0.1 per cent to 10.3 per cent.

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Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).

Featured in The-Mortgage-Hub ã 2007

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