COVID-19 Update

Record amounts raised as Auction House sell 2,000th lot two months ahead of last year

The UK’s largest property auctioneer Auction House – operating as Loveitts Auction House in Coventry and Warwickshire - has announced the sale of its 2,000th lot in July – two months ahead of the time the same milestone was reached last year.


July also saw the group raise more money than at any time in its 14-year history - more than £75m (£75,075,900), after selling 418 lots from 490 offered, with a success rate of 85%.


Sally Smith, Auctioneer and Director said: “The Auction House success story just keeps getting better. Not only are we selling more properties more quickly, but we are making more money for our sellers than ever before.


“Results like this don’t just happen by accident. They are testament to our teams throughout the country, who have recognised the power of livestream auctions to attract active bidders and investors.


“We offer our sellers the opportunity to sell either online or via livestream auction. Both methods have soared in popularity over the past 18 months. But nothing beats the impact of a live auctioneer leading buyers through the lots - so even before Coronavirus restrictions were fully lifted last month, we knew that livestream sales were a powerful force in the industry and here to stay!”


Auction House is attracting attention from around the world during its livestream auctions – and some favourable feedback too. Sally Smith recalls: “At one of our sales we had some buyers in New Zealand who were bidding for their dream home here in the UK.


“Although they weren’t the winning bidders in the end, they contacted us after the sale, saying: ‘On auction day, you acknowledged that we may have a time delay and gave us that time and kept us informed of what was going on. Your system was amazing. We could see and hear and watch on the instructions what the figure was and if the bid was with us. It was really tight at the end, so exciting to keep pressing the bid button and so wrenching to have to take my hand off the mouse and not know if I had pressed it one more time the dream could have been ours.


‘A big pat on the back to all of you for all your help, assistance, friendliness and professionalism. We would not even have been a part of this event if you had not have guided us through it


‘If by any strange turn of events this sale does not go through with the successful bidder, please kindly let us know. You never know - stranger things have happened; we are still very interested.’”


So far this year, Auction House has sold 2,101 lots from 2,537 offered, a success rate of 82.8%, and has raised more than £350m (£351,202,928) – the groups best-ever seven-month cumulative total.