With the recession showing no signs of abating, property owners have been advised to look to auctions in Spain and the United States for property.
The markets in these two diverse countries have all but dried up and so owners are now trying to offload homes they can no longer afford to keep. Online property auctions are becoming increasingly popular and remote bargain hunters are keeping tabs on developments.
Spain is the prime destination for British buyers, but the stagnant US market has lead to auctioneers in New York and Florida offering properties at low prices.
Buyers are still advised to do their research and not rush into anything. There could be hidden liabilities involved. Also, many auctioneers expect buyers to have finance arranged beforehand – however banks are reluctant to offer mortgages on properties bought at an auction.