People say it’s all negative talk, but it’s reality. House prices are too high, first time buyers are out of the market, the plug is conituining to be pulled from the housing market.

It is quite clear what is happening in the housing market. Prices nearly trebled from 1997-2007; there is a correction taking place and the bottom will not be reached for some time yet.

If news reports filter to the media that there are ‘grass shots’ then these will inevitably come from those with vested interest in property and property gaining in value. As a buyer I would recommend that you wait at least another 6 months before you buy and even then you will still see a drop in house prices for another year or so. We have yet to see the market bottom out and remain flat, then will be the best time to buy.

These figures are released at more or less the same time as the RICS (Royal Institute of Chartered Surveyors) stated that house sales were at their lowest levels between December and February this year, that’s a new 31 year low.

“Around two-thirds of the homes will be built by housing associations, as private builders suspend developments until the market picks up”, NHF states.

This further cements the worsening Property Market in the UK and a very bleak outlook for 2009 and beyond. With self builders, house building companies and first time buyers all out of the picture it points towards increased property price falls. First time buyers are finding it near an impossibility purchasing as Bank’s lendings have become more difficult to obtain.

The average property price figures due soon also will no doubt show a downturn as the recession starts to take grip.

Mostly, property auctions are for vendors whom require a quick purchase or desire to sell property with varied complications. Nowdays, property auctions are being flooded with property that just simply aren’t moving due to the present economical climate, so purchasing from a property auction need not be a daunting experience.

At a recent property auction I attended (I never bought the property I was after cause bidding suprisingly went crazy!), nearly all the property were made up of repossessed property, most ofwhich guide priced at 30% BMV (Below Market Value).  So, literally, think of a property auction as a ‘quick buy’ scheme, rather like a speedy estate agents, cause the portfolio of property these auction houses have are increasing each time they have a new sale.

Do not forget with property auctions, that you can also purchase property that were not sold or did not reach their reserve. These property usually offer great value for money. A guide price not reached at auction, might go for less after the auction as the owner (usually a bank) just wants to clear their stock.

Do I have to pay to receive auction catalogues or to know where to find auctions? No! And I repeat, No! Why you ask? Well, if you search for property auction, for instance in the uk, ie ‘property auction in UK’ you will obviously get search results. Now, if you have time on your hands, say two hours, you can filter through all the ‘pay us for sending you a property auction list’ and find all the actual property auction houses that will have either an online auction catalogue of their next up and coming auction or give you the opportunity to subscribe for a catalogue to be sent by the post.

If you would like some more information on property auctions then reply to this blog and I will forward you a list of UK property auction houses totally free, so you can also be searching for cheap BMV property and importantly, you will not be paying for this information!

Good luck buying property and do not forget that houses/flats/land etc are not only for sale in Estate Agents!