Savills: Auctions can add value

15 October 2007
Buying property through an auction can help people add value to their investments, according to one expert.

Chris Coleman-Smith, auction director for Savills, said that people have been "spoilt" by the property market in recent years, particularly as capital values have increased significantly.

Many people now think it is "easy" to make money from the property market this way, Mr Coleman-Smith suggested.

"[On the] auction market you can buy a big, scruffy one-bed flat, and make it into a two-bed flat and let it out. Then you're adding value to it," he commented.

Auctions also mean buyers and sellers do not have to deal with agencies or buying property privately, Mr Coleman-Smith added.

Statistics published by the Essential Information Group revealed that in August this year, the number of lots offered at auction was 11.9 per cent higher than the figure recorded during the same month in 2006.

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