As house prices rise, should you buy property using a modern auction?

Dariusz Karpowicz, director at Albion Financial Advice, says: “Online property auctions might seem like bargain hunting's holy grail, but they're more like a high-stakes game where the house usually wins. “While you won't get gazumped and the process is transparent, these auctions increasingly favour cash-rich investors over ordinary homebuyers. Before you bid, get your solicitor to scrutinise every clause and ensure your mortgage adviser understands auction finance - because once you've won, there's no backing out.”