Spokesperson David Sandeman from the Essential Information Group (EIG) claims that there has been a “terrific increase” in the number of people attending property auctions recently.

Auctioned property often requires more work than homes sold through estate agents, but it can provide a far better return on investment in the long run.

Mr Sandeman suggests that internet access and a more open attitude among auctioneers has helped to fuel the property auction market, boosting interest among private home buyers.

EIG figures show that residential auction transactions increased by 132 per cent between 1997 and 2006, from 7,883 to 18,303 a year. Television property shows have raised the profile of property auctions and soaring housing market inflation has forced many first-time buyers to look at new ways of finding affordable properties.

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Posted: 04|2|07 at 7:57 pm. Filed under: UK News.