Auction Properties in Kent
How To Find Auction Properties in Kent?
Its geographical location is one of the main reasons why more and more people are choosing to buy an auction property in Kent. The high-speed rail links and the M2 and M20 motorways mean the capital is easily accessible as well as connections to other parts of the UK. For years, the north of the county has been part of the ‘commuter belt’ but this belt has been slowly widening as transport facilities improve.
Although the economy in the region used to be based primarily on agriculture, tourism and manufacturing, more and more new businesses are opting to set up there, so there are many employment opportunities across all sectors.
As well as its close proximity to London, Kent is not called the ‘Garden of England’ for nothing. Picturesque villages, like Eynsford and areas of outstanding natural beauty such as the North Downs are both factors in attracting home buyers to the county. These people are looking to escape the rat race and to find a place to live which will ensure a better quality of life for themselves and/or their families.
Kent boasts an estimated 350 miles of coastline, so it is also a popular choice for people who want to buy a primary or second home within easy access of the sea. As France is only across the Channel, day trips or driving holidays on the continent are both easy using Kent as your starting point.
Some homeowners buy a property at auction to be used to generate further income. In urban areas like the Medway towns, the rental property can make money all year round. Alternatively, they might choose to buy property on the Kent coast to be used for short-term lets taking advantage of the increasing popularity of UK “staycations”.
Most Popular Areas for Auction Properties in Kent
Some of the most popular areas of Kent to buy auction property are:
- Canterbury, Maidstone and Dover
- Margate, Herme Bay and Faversham
- Tonbridge and Rochester
- Many small rural locations in Kent
Types of Auction Properties in Kent
There is a wide range of houses sold at auction in Kent including flats, bungalows, cottages and villas. However, the vast majority on the property market consists of Victorian or early 20th century one-up/one-down terraced houses and post-war semi-detached houses.
For those interested in buying something out of the ordinary, Kent also has its share of unusual conversions such as 17th century coach houses, former oast houses (circular buildings where hops used to be dried), manor houses and fishermen’s cottages.
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Some of these properties might have suffered years of neglect. If you wish to bid on such properties, you should ensure that a full building survey is carried out. Also, you should instruct your solicitor to go through the legal pack supplied by the auctioneers. This means that you will be aware of any potential legal issues or unauthorised conversion work as well as restrictions on any home improvements, especially in the case of listed buildings.
The availability of more unusual properties tends to be limited so you might have to be patient until you find the auction property that meets your criteria.
Auction property financing might also be problematic if you are relying on a mortgage to finance your purchase of derelict and/or unusual conversions. This is because lenders are worried that you will not be able to meet your mortgage repayments if the building requires extensive work. Before planning to buy such an auction property, you should speak to your mortgage provider. An alternative solution is to use the services of a specialised mortgage broker who would know which lenders are willing to lend money for such properties.
Auction Properties in Kent FAQ
How Can I Find Auction Properties in Kent?
Auction houses are responsible for marketing and selling auction properties in Kent. If you wish to find out what is available on the property market, you should contact national and local auctioneers and subscribe to their mailing lists. An internet search should also play a key role in helping you find houses sold at auction.
How Much Are Auction Properties in Kent?
Anywhere from £50,000 to £400,000. The condition and type of property are two of the key factors determining the guide price that auctioneers set for the houses sold at auction although this price may rise dramatically during the auction itself. Another factor affecting the price of an auction property in Kent is its location relative to the capital or the coast.
Where Is the Best Place to Look for Auction Property in Kent?
Apart from featuring properties for sale on their websites, auctioneers also print catalogues in the run-up to forthcoming property auctions. Both include key information about the houses to be sold at auction such as the guide price, the location and any special conditions of the sale. You can also talk to local banks to find out about repossession properties in Kent which are being auctioned by the bank.
Where to Buy Auction Property in Kent
Access to other parts of the UK is not so important when it comes to buying auction property in Kent as nowhere is more than 1 hour and 20 minutes commuting time to the capital by train. You can narrow down your search by deciding whether you prefer to live in an urban, rural or seaside setting.
As far as house prices are concerned, auction properties in Kent are, on average, a third cheaper than London. The general rule of thumb is that the closer to the capital, the more expensive property is. Some towns like Canterbury and Tunbridge Wells are in great demand and this is reflected in the higher guide prices of property put up for auction.
As for Kentish seaside towns, their price depends on whether the town has been through a process of gentrification. For this reason, auction property in Broadstairs will tend to be more expensive than similar properties in Deal. Looking at planned urban renewal projects will enable you to pick up an undervalued property at auction before prices rocket.
How to buy auction property is very similar to buying property conventionally through an estate agent. Meticulous research and preparation will prevent your making an expensive mistake which you may later regret.
Useful property resounces for Kent, England: