Increasing numbers of would-be homeowners are piling into the auction room to get their foot onto the property ladder without understanding the process, say experts. According to the Essential Information Group, recognised as the UK's leading source of data on the property auction market, more than £170 million worth of property was sold at auction during April. With banks still reluctant to lend and demanding sky-high deposits on property, more and more people are looking to auctions as a way of bagging a bargain. This has led to inexperienced bidders who are not familiar with the auction process losing out on their ideal property. Chris Baguley, director at Auction Finance Limited, which provides finance for properties before, during or after an auction, says that although more property investors are buying at auction, they do not understand what to do when they have made a successful bid: "Auctions are a great way to buy a property at the moment and it's the number one place to bag a bargain. However, many investors are confused about what they must do when they've made a successful bid. It's a simple process but there are rules that must be followed to ensure buyers don't end up losing their dream property. "Certain documents need to be taken to an auction and procedures followed on the day, but unfortunately, many people are unprepared." Novice bidders should follow the simple six point checklist below if intending to buy a property at auction:

1. Bring incorrect forms of identity 2. Remember cheque book to pay the deposit 3. Research the area you're buying in 4. Don't be tempted to exceed your budget 5. Arrange finance beforehand 6. Check through the legal documents you are provided with on the day

Chris continues: "Although there are some important rules to follow when buying at auction first time investors should not be put off. Auctions are without a doubt the place to be at the moment and all property buyers should be taking advantage of this." Auction Finance Limited has produced a free information guide about property funding at auction. Go to www.auctionfinance.co.uk to download or call 0161 276 2820 to request a copy.