Auction House – operating as Auction
House Loveitts in Coventry and Warwickshire, says that the group is still very
much open for business and is listing and selling hundreds of properties via
live-stream and online auctions, despite the current restrictions.
During the lockdown month of April,
it offered 342 lots and sold 220 of them, at a success rate of 64.3%, and
raised over £20.7m in the process (£20,778,051).
Commenting on the group’s recent
performance, Sally Smith, Auctioneer and Director said: “Despite the unprecedented circumstances
we’re all experiencing, we are currently delivering over 60% of our normal
level of sales. Bidder numbers have been strong and some keenly priced lots
have seen fierce competition - some in excess of 100 bids - before being
hammered at impressive prices.
“Whilst there has been a reduction in
entry numbers as some private sellers hold back, our core supply of listings is
continuing and regular auction buyers are still very active. Our regional
auction teams have first-hand knowledge of properties in their area, we have a
database of capable, cash-ready buyers and we are delivering a high volume of
sales through competitive bidding.”
All of the auctions are run with
remote bidding by telephone, proxy, or via the internet, and Sally Smith says
that the transfer from Room Auctions to live-stream and online sales has been
smooth and efficient.
He explains: “Our remote bidding systems
are functioning well and we have already proved that we can market and sell
auction lots very effectively despite the lockdown. We are also making full use
of video tours, virtual viewings and Facebook Live events, which are proving
valuable additions to our marketing programme.
“Nevertheless, we hope that
restrictions will soon be eased and our full appraisal and viewing services can
be resumed. In the meantime, our use of digital, desktop and database systems
is the best replacement currently available.”
Sally Smith added: “Auction House has
faced up to the challenge, with a successful solution in place. We’re
delivering impressive results and remain confident that the auction route will
continue to function well in this changed environment. “My message to sellers of vacant
properties and land is - call us anytime: we are ready and able to find you a
buyer, get an exchange and arrange a completion with the speed and certainty
associated with auction. “And to buyers – we have keenly
priced stock and a wide choice of lots which should be of interest. For Auction
House it’s very much business as usual!”