Expats returning to the UK to buy property will find the market very different to when they left. House prices have fallen, the supply of mortgages has reduced substantially, and those that are available require a hefty deposit. You will also need an excellent credit rating, and an income that will enable you to borrow enough to buy the house you want. Louise Cuming, head of mortgages at Moneysupermarket.com, said: “House prices have fallen by an average of 17.5 per cent over the last year according to Halifax’s latest figures. “While analysts had warned that property was over-valued in many areas and that the rate of house prices growth we’d seen in recent years was unsustainable, the decline has been much steeper than anticipated.” It may be worth looking to buy a property at auction. As repossessions grow the number of properties being sold at auction has risen. There are of course benefits and drawbacks to buying at auction. The main benefit is that, once the gavel falls, the property is yours – there is no chain to fall through, and no chance of being gazumped. However, the drawback is that you may have spent money on surveys and legal fees only to find yourself outbid at the last minute. Jason Eades, a partner at property law firm Pemberton Greenish, said: “In a difficult economic climate auctions often prove a popular method to sell properties, especially for those looking for a quick sale. “Contracts are exchanged on the day of the auction between the seller and successful bidder. The buyers know they are in control and the bidding process is transparent. For a seller there is the certainty on the auction date whether a property is sold or not subject to any reserve price.” One of the key things to remember is that you must have the finance in place before the auction date to be sure you can complete the deal on time. You must have a 10 per cent deposit to pay on the day, and completion is usually 20 days after the auction date, said Mr Eades. To be sure you are getting what you think you are, you should take legal advice and get the auction catalogue, the auction pack and the Home Information Pack in advance to check the property title. It is easy to get caught up in the excitement of an auction, and to bid over what you had planned. You should set a limit you are prepared to pay – and stick to it.