Bid online for a home at home

A ground breaking way to buy property at auction has launched at DiscountPropertyAuction.co.uk ( discountpropertyauction.co.uk ) , allowing homebuyers and investors to bid, counter bid and exchange online, all from the comfort of their home, office or even the beach.

The website allows home buyers to outbid each other and win homes ‘in a click’. With a growing range of properties in England and Wales from £87,000 to £500,000, DiscountPropertyAuction.co.uk can offer all types of homes from small apartments to large, detached properties.

During November 2006 and December 2007, over 30,000 properties went to auction in the UK, averaging an auction price of £167,295. Following The Council of Mortgage Lenders’ forecast that repossessions will increase to 45,000 in 2008 (a 50% increase) and the slowdown in the housing market, high demand is expected amongst homeowners not able to sell their homes quickly enough.

All properties auctioned on DiscountPropertyAuction.co.uk have a fixed viewing period and the auctions last between five and ten days. The current market value of each property at auction is independently calculated by property tool Home Track, and as soon as the auction is won, seller and buyer have contractually exchanged. There is no commission charged to sellers and the site provides a speedy and affordable system to homeowners suffering from the credit crackdown.

Danny Nieberg, DiscountPropertyAuction.co.uk director, comments: “This is the only website of it’s kind. We bring together motivated sellers who need a quick sale with motivated buyers who have the resources to buy quickly.”

The first property sold via the site, during pre-launch trials, was in November 2007. Winner Brian Croucher, who has since won a number of properties through DiscountPropertyAuction.co.uk, comments: “I have found the whole buying process to be smooth and quick. I have bought several properties via DiscountPropertyAuction from people in all sorts of different situations. They all had one thing in common in that they needed to sell quickly, and the property auction gave them the means to achieve this”.

To bid, potential buyers need to be a member of the site. Buyers presently obtain one month’s free membership and pay no joining fee. A finder fee is paid by the buyer upon completion of the property sale.