Uk House Prices Make Surprise 5.9% Rise In February

House prices rose by 5.9% in February – confounded many commentators, as it appears to contradict the widely held view that the UK’s property market remains in the grip of a slowdown.

Despite an escalation in Brexit confusion, property prices rose 3% percent last January, the latest Halifax index showed.

The Halifax said the 5.9% increase seen in February was thought to be the biggest it had ever recorded. It lifted the average property price to £236,800 – up from £223,629 at the end of January. That translates into a £470-a-day increase in value.

The big monthly rise lifted the annual rate of price growth to 2.8%, which the Halifax said was “fairly subdued” compared with 2015-16 when it was more than 8%. But with other surveys and official data mostly showing housing market, Halifax cautioned against reading too much into the strength of a single month’s figures.

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How to Buy a House at Property Auctions

Tips on bagging a Property at an Auction

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While it is true that purchasing a property at an auction does come with some inherent risks, when done right, it is also a great way to secure a good bargain. If you are prepared to take on the risks involved, you will find that buying at a property auction can offer you some very incredible savings.

For those that are doing this for the first time, the prospect may be a bit intimidating to you. To help guide you on your first attempt at buying a property at an auction, below are some tips for you.

Find an auction

You need to locate auction houses that offer properties where you are interested in buying a property from. Many of the London auctions tend to offer properties that are located in London as well as in the Home Counties. For auction houses outside of London though, expect that they are likely to focus on local properties.

After finding an auction house, secure an auction catalogue by being part of their mailing list. These catalogues will be available a few weeks before an auction so this should give you enough time to find out about the pricing as well as the sale conditions.

Check the fine print

This is something that you should never skip on when joining an auction. Read through the document and make sure to send a copy to your solicitor. Be aware too that flats and houses that are sold in auctions tend to require some renovation and modernisation. Being aware of the extent of the repairs needed is helpful and a survey is often a good way to do so.

Ensure fair value

Find out more details on the local property market before you will sign up for the auction. This will help you get an idea of the actual worth of the property. This will also help you set a maximum bid. Be aware that it is a common mistake that people make during auctions to get carried away and bid more than maximum. So, always make sure to set a specified limit and stick to it.

 Bring the right stuff

Find out what kind of ID you will be asked to show. Know about the methods of payment that are being accepted as well. For a successful bidder, an exchange of contract is to be expected a deposit fee amounting to 10% of the property’s purchase price is expected to be made too, along with the auction house fee. Purchasing from an auction often requires four weeks to complete. Be aware that if you do not get it completed by the set date, the seller could sue you and you will likely lose the deposit too.

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Auctions need not be that intimidating when you know what to do. Before taking part in one, learn more about how you can get the best property deals at auctions by checking out Richard Butler Creagh website here. You can also connect with Richard Butler Creagh on Soundcloud here.