Are we at a stage where it's worth looking again at investing in the purchase of houses for renovation/reselling?

I sat in on a property auction at the end of April this year. Most properties (mainly houses, cottages, smallholdings and pubs) did sell (ie, reached or exceeded reserve) except pubs, which remained unloved unless suited to immediate conversion, but nobody was bidding strongly above the published guide prices. The room was packed (about 125 people), but quite a few of those who were registered to bid (ie were holding a numbered card) held back from doing so.

I'm not quite ready to be buying anything myself, but I have viewed a few places in the past few weeks, and will probably be sitting in on an auction coming up at the end of the month, just to get a further feel for how things are going as we head into autumn.

On my patch (southwest Wales) the agent most heavily involved in auctions is John Francis - and it will be one of their two auctions (at Carmarthen on Sep 30 or Swansea on Oct 1) that I'll be attending. (Or maybe both). There's about 15 properties listed so far at each. The agent's website for these auctions is www.johnfrancis.co.uk/auctionnew.htm

I've viewed the 65k semi in Cardigan (selling at Carmarthen) and the 50k detached one at Brynamman (selling at Swansea) - and it's that latter one which seems to have the greatest potential markup margin, so I shall probably be seeing how that one does - though it's not in the right locality for me - I'm going to be looking to buy somewhere around the central english/welsh borders next spring/summer. Does anyone here have any guidance on which agents to check out for auctions in that area? And any info on particular properties suitable for renovation there?

I will post the outcome of these two auctions on my patch, just out of interest - to see how things went compared with whatever guide prices appear in their catalogue.

Let us know of investment opportunities at other upcoming auctions, and how they pan out over the coming months.

1000's of properties available at auctions this month. I will be at the Barnard Marcus auction on Monday where I have my eye on a couple of lots.

Mann Countrywide auction today in London

29 lots offered

4 Sold Prior
8 Withdrawn Prior
7 Sold
10 Unsold

It still amazes me the number of new builds happening in the suburbs atm. I hope these developers have got their sums right!

It doesnt amaze me that they are building them, but it does amaze me that people are still buying them off plan.

Development near me has 30% sold off plan.
The Mill, Bexley

jeff - I know the site - plenty in Sidcup also, but no additional infrastructure to cope.

Many good properties re possesed etc don't even hit the public market. All UK bank's and building society's have well off property investors with large cash waiting.

I used to deal in this market and with branch managers getting a bung, joe public does not get a look in.

I was interested in a lot in the Countrywide auction but was not able to view so gave it a miss. It was guided at 65-70,000. It was unsold with the last bid being 54,000 and is now available for 55,000. A cottage in the same terrace, same size, is available on the open market at 130-150,000.

Auction Property

Open Market Property

Not an area I know - would you be looking to sell it on or rent? Do you know the post code or road name?

I went to a wedding recently very close by. There is a power station nearby and they have a steady supply of renters in the area.

I might take a look Saturday

On 27th August, I sent off for the 'Legals' on:

Allsop's Auction: 15th September 2011 - Lots: 82, 83, 84, 85 and 86

The auction is on 15th September and as of today, 7th September, I've not heard a peep. Something possibly stinks with them.

Important Tip: Don't buy property at auction until you've had the legalities checked out by a professional. You might find yourself involved in a contract to buy a property with an auctioneer, where the property has defective title.

The flats above, may well have a covenant in their leases, which cannot be adhered to and the seller, ie, the bank, may not be able to sell the buyer the full title but only the part thereof.

I see from my checks that they originally sold for around 185k each. I also noticed that one is currently for sale with an Estate Agent (Connells), complete with a brand new kitchen and priced at 135k.

As of the present time, the original developer has still not completed the ground works outside of the flats and the ground is still rough.

I've had nothing since the email dated 20th July.

I always read the legals and in the past have paid for a solicitor to check if I am unsure of something.

I am looking to buy one of two ex local authority flats at the Barnard Marcus auction on Monday.

The legals for the Isle of grain house were only available yesterday for the sale today.

I meant I've heard nothing from Allsops since the preliminary date. Assuming they were built when the lease was granted in November 2006, they took a while to sell as new builds?

Lot 281 (Bromley) doesn't look bad - guided at 40-60k most recent similar sold 215k November 2010.

Looks too cheap to be true

Could be a structural problem with Lot 281 Bromley

It looks to have a very nasty settlement crack to the rendering on the front wall, don't you think?

Look to the LHS just above the arch.

I doubt its settlement - they are mainly 30s built. More likely A window or doors have been replaced/installed behind that hedge and either no lintel put in - or more likely, it wasn't supported properly during installation. The latter is quite common with so called expert double glazing installers who fail to support bays properly when replacing a lower bay window.

You could be right Exec. Looks to be on a slope as well. If it cost 50k to fix and you bought it for 50k it might still be a good buy

Looks quite nice across the road from it on Google's StreetView.

"If it cost 50k to fix and you bought it for 50k it might still be a good buy"

I was just thinking that, Jeffmack. The 'you' meaning you and not me, though. ;-)