Too many bidders are playing Russian roulette by buying property at auction without doing their research.

Auction Finance Limited launched in October last year and says that around 75% of its buyers don’t get a valuation carried out before they make a bid.

Operations Manager at Auction Finance Limited, Irene Thomas said: “Seasoned developers with a lot of experience in property and large portfolios often don’t bother getting a survey. Many of these buyers use their existing knowledge about property to approximate its value and spot any potential problems.

“However, auction novices should not follow their example and we would always recommend getting a survey carried out before buying.  It may cost more but the amount of money, time and hassle it could save in the future by highlighting any major flaws is worth the added expense. Buyers must be aware if they make a successful bid they are committed to going ahead with the sale.

“Buying a property is usually the biggest purchase we make in our lives so it is well worth spending that bit extra for peace of mind. Cutting corners in the property game is generally a false economy.”

When buying at auction, novice buyers should get an auction catalogue a few weeks in advance and have a survey carried out on properties they are intending to bid on.

Auction Finance Limited provides finance for properties before, during and after an auction.