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Hammer to fall on German bargains - 14 May 2008

The concept of buying a property at auction is something that has yet to take off in the UK to the same extent as it has in many other countries around the world. In some countries, it is at least as common to buy at an auction as it is to purchase through an agent.

Now a company in Germany is offering properties across the country at auction, and the prices will be enough to make anyone cough into their stein. With average UK house prices over £200,000 and first time buyers struggling to afford even the smallest flats and houses, the idea of a 20-room guesthouse with two bowling alleys for as little as £14,000 seems like it must be a joke.

However, it is real, as are the rest of the whole range of houses available in the SKB auctions for under £20,000. Among the other properties that are available to buy outright for the same price as a modest deposit in London are a detached mill building with two flats surrounded by lakes in Saxony for a guide price of £15,000 and a detached property arranged as four apartments nestled in the valley mountain ranges which has a guide price of just £16,000.

Property auction expert Andrew Binstock of SKB Auctions says, “There are huge properties all over Germany being auctioned for small sums of money. One semi detached building with three flats going up for auction next month with no reserve price. If only one person bids £10 that’s what it could go for!

“Many of these properties are located in east Germany – an area which most of us normally associate with the cold war, industrial factories and the Berlin wall. In fact many of these properties are located in areas of outstanding natural beauty. For £200,000 most would struggle to find a one bedroom apartment in London – at these rates you could practically buy a village”.

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