COVID-19 Update


Auction House, the UK’s largest property auctioneer – which has a branch in Coventry and Warwickshire (Loveitts) - is reporting the highest number of April sales in the group’s 11 year history.

The award-winning auctioneer sold a total of 306 lots during the month - a 16% rise on the 264 sales in 2017, with a combined value of £43.6m.

Commenting on the figures, Sally Smith, Auctioneer and Director said: “These are impressive statistics in a climate which is probably even more challenging than last year. To have continued delivering improved sales results is a remarkable achievement, especially when the property market as a whole is experiencing a bumpy ride, and with all the uncertainties of Brexit still ahead of us. It only serves to prove once again the attraction of auction as a speedy, secure and successful method of sale.”

Cumulatively, the number of lots sold by Auction House in the first four months of 2018 was equally notable, with 1,032 sales so far (compared to 980 during the same period last year) and a total raised of almost £130m (£129,980,271), compared to £123m between January and April 2017.

Sally Smith added: “These figures also indicate the consistently strong performance of our room auctions, which do not seem to have been adversely impacted by the rise in internet sales. Our success rates remain on a par with previous years at around 76%, at a time when other auctioneers are seeing their success rates fall.

“Our healthiest performances lie outside the south east of England – particularly in the Midlands and North West, where we’ve seen some strong gains. Interestingly, it would appear that the northern half of the country is no longer so rigidly dependent on what happens in London, but is now more influenced by its own regional factors.

“Nationwide however, properties needing renovation are selling well ahead of the summer months when work to them can most easily be carried out. This provides a boost for both the building trade and the country’s housing stock, and is a category of property which auctions regularly excel in selling.

“So whilst the future for the market is increasingly difficult to predict, we should always remember that uncertainty brings opportunities, which auctioneers are well placed to spot and respond to quickly.”