But James Cannon, head of property auctions at Savills, has suggested that although auction property may appeal to some first-time buyers, the market is still dominated by buy-to-letters.
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Cannon said that there tended to be a few first-timers and occupiers at auctions, but insisted market was ‘about buy-to-let’, adding that demand was still rife.
However, he was quick to allay any suggestions that purchasing a home at auction was unsuitable for first-time buyers.
“I think you’ll very rarely find a new sale in an auction, i.e. something that has been completed recently. But it seems to work quite well,” he commented.
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“The properties will need some refurbishment, but having said that, people quite like that because they can go in there and make it their home through by doing all the work on the property.”
Cannon concluded that most of the properties found at auction tended to need work done on them, but suggested that wasn’t generally a problem.
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