Auction House - operating as Auction
House Loveitts in Coventry and Warwickshire -
is announcing its most
successful year ever, selling more than 3,800 lots across the UK from its
network of 40 regional sales rooms, and at an increased success rate of 77.3%
(up from 74% in 2018).
The group – recently awarded gold as
Residential Auction Service of the Year at The
Negotiator Awards in London – raised a total of almost £440m (£439,705,281)
in the process. This latest success means that the total number of properties
sold under the Auction House brand in its 12-year history has just exceeded
30,000.
Commenting on the announcement, Sally Smith, Auctioneer and
Director said: “We are
thrilled to have surpassed our 2018 total and set a new record – especially
when this was achieved in what was broadly perceived as a difficult and
depressed year for property sales, with the double whammy of Brexit uncertainty
and a General Election in the fourth quarter.
“Despite this, we managed to achieve
the highest total ever recorded by a property auctioneer in the UK. In fact,
our uplift of more than 2% in lots sold bucks the trend of the auction sector
totals as a whole, which are reported to be down by over 7%, leaving us with a
near 10% lead over the industry.”
Sally
Smith puts this success
down to the group’s unique combination of local knowledge and national
marketing, as well as the increasing popularity of regional auctions.
She explains: “What we have seen
throughout the year is a growing appetite for room auction services. More
sellers are choosing auction, and there are still plenty of buyers. Our most
popular property type continues to be houses and flats for improvement, but we
are selling a very wide mix including tenanted properties, land, mixed-use,
vacant or occupied commercial lots, and properties being sold as investments.”
Sally
Smith says that after a
hugely successful 2019, attention now turns to the opportunities that 2020
should bring. She explains: “Demand should improve and this will result in
stronger prices being achieved at auction. Supply is likely to grow as well,
with more small landlords exiting the market, and others with vacant properties
timing their disposals to fit with an improving economic climate.
“Government policy will continue to
affect the housing market – we hope that new measures will be supportive of
home ownership, property investment and house building too. We do need more
activity and to see older stock improved. For the auction sector in particular,
our attraction of speed and certainty will continue to appeal, plus best price
can be quickly delivered through competitive bidding – which is what more and
more sellers want.
“As for online auctions, we expect to
grow our numbers and share in 2020 – but as yet, they are not a viable
replacement to room auctions. They can be quicker, but certainly not better.
“Overall, we look forward with
optimism and relief that the Brexit stalemate is now behind us. Despite the
challenges, Auction House had a fantastic 2019 and we believe that 2020 could
be even more successful!”