There is a growing trend for existing landlords and would be new investors starting to look at properties that are going under the hammer at local auctions.

Coverage of auctions are becoming the norm in TV programmes such as "Homes Under the Hammer" and more and more people wishing to expand their portfolio of properties to rent are now regularly attending them to pick up some bargains.

Property specialist Paul Collins of a well known lettings agent agrees that auctions are a great way for buy-to-let investment however to ensure success a few basic rules should be followed.

He says: "One of the main benefits of buying an investment property at auction is that the process is very quick as both the purchaser and the seller agree to complete the transaction in a few weeks. There are no chains involved.

"It is also possible to buy a property with a tenant already in place – providing an instant income as soon as the purchase is completed."

Before going ahead with a purchase Paul Collins says: "You should never buy a property that has not been researched thoroughly. I would always advise viewing a property and having a professional survey done prior to the sale.

"The desirability and tenant appeal of the area it is located in, plus any obvious repair or maintenance issues required to bring the property up to a rentable standard, should always be taken into account  before you start bidding."

He recommends that buyers should always carry out proper research to seek out the best auctioneers whether local, regional or national that consistently offer the types of property that they are interested in. He also suggest that local lettings agents should be able to advise on forthcoming auctions due to place in the area.

The lettings agents will also have considerable local experience of the type of tenants within each street or area and also the approximate rental value of properties.

 Mr.Collins added "At auction it is important that potential buyers have their finances sorted out in advance. They also need to take into account any costs incurred on searches or legal enquiries before bidding.

"One of the biggest challenges when buying at auction is to stay calm and not get carried away with the bidding process. By gathering in advance as much research and information as possible, you will be able to set your own limits for any lots you are interested in."