More than a quarter of the properties up for grabs at Loveitts’ latest auction achieved well above their guide prices as shrewd investors sought to snap up bargains in Coventry and Warwickshire.
Over 400 people packed into the event which attracted fierce bidding from investors looking to snap up land and property across the area.
Among the lots that stole the show was a five-bedroom, mid-terrace property in Wren Street, Hillfields which sold for £220,500 having had a guide price of £160,000 - £180,000.
In Southam, a three-bedroom, semi-detached house in Abbey Lane sold for £186,000 – much higher than the guide price of £130,000 to £150,000.
While in Nuneaton, a three-bedroom, semi-detached property in Stewart Street sold for £131,000. Its original guide price stood between £80,000 and £100,000.
Other properties which provided a healthy return included a three-bedroom, mid-terrace in Dennis Road Wyken, which sold for £139,000 – against a guide price of £100,000 - £120,000, and a three-bedroom, end terrace in Middlemarch Road, Radford, which fetched £148,000.
And a parcel of land behind shops on Beake Avenue, Radford, which is thought to have previously been the site of some garages, sold for £12,000 having had a guide price of £5,000 - £10,000.
Sally Smith, Director and Auctioneer of Loveitts, said the fierce bidding for lots and the bumper crowd showed demand for investment properties in the Coventry and Warwickshire area was still high.
She said: “Our auctions always attract a diverse range of investment opportunities and our February event was no exception. It was a great night for both vendors and investors alike.
“From a small piece of land in Radford to an end terrace with land and therefore a development opportunity, our auctions really do show that anything goes for those who are keen to invest their money for the long term.
“It seems that with each event our auction becomes more and more popular. We are now planning for the next one.”
The next event takes place at the Village Urban Resort Hotel in Canley on Thursday March 21st at 6.30pm.