Does buying a property at auction really get you a good deal?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 11 October 2019

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you want a good deal, an undervalued gem, or a fixer-upper to make money on - buy a home at auction.

That's the common theory, but does it actually work in practice?

There's a chance you might find an underrated home, but there's also the risk that you may get caught up in competition with another buyer and overpay - as many who end up in a bidding war do.

On this week's podcast, we switch off Homes Under the Hammer and go watch some real life homes go under the hammer at a property auction.

Reporter Grace Gausden tells us about the auction room atmosphere, and Simon Lambert, Georgie Frost and George Nixon discuss tips to make sure you stay on the right side of a bargain hunt.

Also on this week's podcast, the team discuss whether those owed money from before Thomas Cook went bust can get flight compensation and why Barclays is stopping customers taking out cash at the post office.

Plus, Simon explains the circular economy and why it's important to get capitalism on side to stop trashing the planet.

And finally, buying a brand new car isn't very green, but you could save a lot of money on them at the moment as dealers are pre-registering them to meet sales targets and then selling them at up to 40 per cent off. The team explain why.

Transcript

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0:00.0	Welcome to This Is Money. I'm Georgie Frost and alongside me and editor Simon Lambert.
0:04.3	Today is reporter George Nixon.
0:06.9	And coming up, Homes Under the Hammer.
0:09.0	If you're tempted to buy or indeed sell a property at auction, we'll bring you some top tips on how to bag a bargain.
0:15.6	Also today, what hope for those due compensation from before Thomas Cook went bust, why is Barclay's stopping customers
0:23.5	withdrawing cash from the post office, and how to bag a car bargain. Also, Simon muses on the
0:29.7	circular economy. But what exactly is it? Don't forget you to stay out to date with all the latest
0:34.2	breaking money news, just go to this ismoney dot co.uk or download
0:39.1	the app but first before we get into any of this george i can't believe the number of times
0:44.7	you've come on this podcast and i've never associated the link with frost nixon no i know
0:49.7	when did we work this out wednesday evening yeah just a couple of days ago i was tickled for at least half an hour on that, so listeners, you probably already got it, to be fair.
0:59.3	But anyway, let's talk about Homes Under the Hammer, shall we?
1:01.8	You're probably enjoying watching the BBC series, or you have been.
1:06.0	I know Lee Boyce of this parish is a big fan.
1:09.5	But would you actually go for it would you actually buy or sell
1:13.6	your home under the hammer property auctions are certainly popular affairs as your reporter grace
1:19.0	gawesden found out she actually went down to one and funnily enough the BBC crew you can't
1:25.2	script this and were down there already. So she got the whole
1:28.9	shebang. But what was the atmosphere like? The atmosphere in the auction room was quite
1:34.9	excitable, I would have to say. There was definitely a lot of hustling and bustling, a lot of people
1:40.8	talking, a lot of jostling for seats, that sort of thing. People were
1:45.1	definitely excited to be there and there were more people than there were chairs which I
	...

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