On average, about 90 per cent of the properties are sold at each auction.In Scotland, property auctions are less mature, but their popularity is growing. SVA Property, which holds six auctions a year, saw 600 people at its June auction, where 49 lots were up for sale. All but five lots were sold.”Auctions have the reputation as being a method of last resort for repossessions and problem properties,” says Shaun Vigers, director and auctioneer at SVA Property. “But the market is recognising that it is a cost-effective way of selling property and we are getting quite decent cottages and non-repossession residential properties. We get professional dealers, speculative purchasers and investors but we also get a lot of first-time buyers and owner-occupiers.”The process is straightforward.

Buyers apply to the auction house for a catalogue, which is usually sent out a month before the auction. Once you have the catalogue you have to move quickly, decide which properties you like and get round to see them The auction house will usually organise a block viewing. Unless you are a builder and can tell whether the structure is secure, a survey is a good idea.If you need a mortgage, a survey is essential. This is the downside of buying at auction: if you lay out £200 on a survey and then lose out on the bidding, it’s money down the drain.You will have only three weeks or so until the auction to get your finances sorted But it is not impossible. “If you want a mortgage you need to get a survey organised double quick,” says Mr Coleman-Smith.

“Or at least get the initial intent sorted out so have proof of finance If you can’t get a mortgage offer within days, go elsewhere. Mortgage lenders should be competitive; they are meant to be doing you a service, not the other way round.”When buying at auction, do your homework beforehand Some properties have problems, others don’t. The auctioneer may well have a legal pack, containing title deeds and leasehold information, where applicable, which will be available before the auction for a fee of about £10 Freehold purchases are more straightforward than leasehold. If you encounter the latter, do some digging, find out who the managing agents are and what the service charge was for the last two or three years.When bidding, prices can jump dramatically from the guide price stated in the catalogue. “The guide price is where you expect the reserve to be, not what it is going to sell for,” says Mr Coleman-Smith. “It is not unusual for a guide price of £90,000 to have a reserve price of £100,000 and then sell for £250,000.”Of course, if you buy with a mortgage, you will have to stick within a certain limit.