SALE by auction is still the best means of obtaining the highest price within a given timescale and provides transparency to the market – particularly for houses in need of refurbishment and properties having development or investment potential.

As rents remain strong and prices are at lower levels than four or five years ago, there are many opportunities for purchasers, be they seasoned developers, builders or investors, or young couples or individuals looking to make their first purchase.

Strong yields can be achieved, often in excess of 10%. For the first-time buyer, there are opportunities to carry out DIY projects or engage the help of a local builder to upgrade and refurbish to their own requirements and immediately enjoy some equity.

Despite a relatively quiet 2011, interest is now returning to the auction room from prospective purchasers for properties offered at realistic guide prices.

While there is a lack of traditional finance opportunities, bridging finance remains available and can be obtained quickly to enable a deal to be secured.

While traditionally this is thought to have been an expensive option, if it is regarded as just another outgoing and allows a profit to be made, then this can be the way forward for many prospective purchasers, particularly if they are looking to buy a house, carry out a programme of refurbishment and then resell to release a profit.

Not all properties are suitable for auction and most auctioneers will look at far more houses, pieces of land or commercial buildings than are accepted and included in the catalogue.

There is no point in advertising something at too high a price, or which is better suited for sale by private treaty. More and more repossessions are now coming to the local and regional auctions, rather than being sold at London sale rooms.

Statistics show that approximately 75% of all properties offered for sale by auction reach the reserve price.

And, as a result of a number of television programmes like Homes Under the Hammer, the public is more aware of the benefits of buying and selling at auction.

There is still money to be made by buying at auction, providing homework is done and you have the courage of your convictions.