Family Home sales drive surge in average Auction House selling price
A surge in the number of family homes being sold by Auction House has seen its average selling price rocket by 40% year on year – from £103,400 in 2019 to £145,500 now.
The group – operating as Loveitts in Coventry and Warwickshire - has made over £300m worth of property sales in the year so far (£300,877,878), well ahead of any other residential auctioneer. Cumulative sales for 2020 currently stand at 2300 lots sold from 2913 offered, at a strong success rate of 79%.
Commenting on the figures, Sally Smith, Auctioneer and Director said: “As can clearly been seen from the figures, the pandemic hasn’t held us back! Not only are we listing more lots, we are also selling more family homes, with city sales - including those across London - seeing a marked upturn.
“We’ve functioned very effectively throughout the lockdown, as well as after the easing of restrictions, and now during what is being described as a second surge.
“Our remote bidding solution has worked seamlessly both for our Livestream and Online sales, and our Covid-secure viewing programmes are operating well.”
At £63m, last month’s total value of sales was the highest the group has raised in any September over 12 years of business. During the month, Auction House sold 433 lots from 533 offered, and delivered an impressive success rate of 81.2%.
Sally explained: “Clearly, the auctions market is returning to pre-Covid levels of activity. Remote bidding is now fully accepted as the norm around the country, and buyers have grown in confidence with bidder numbers continuing to rise. Sellers too are again choosing auctions, where the selling prices achieved are regularly well beyond expectations.”
The group is also announcing higher entry numbers this October than last year, with the latest figures indicating that there will be 622 lots listed for sale this month – an average of 28 properties every working day.
Sally added: “Sellers are demonstrating their trust in auctions, and understandably have a growing desire to sell in the current high-demand environment.
“We are entering the colder months, so now is a great time to go to market, and with auctions you will get a quick sale plus the certainty of an exchange and completion.
“Our regional auction teams are seeing high levels of activity, with good success rates and strong prices. Our average selling prices are way up on a year ago and buyer demand remains healthy, despite the resurgence of Covid. We predict Q4 will be very busy!”