COVID-19 Update

Strong Auction House results show ‘new normal’ is on the way

The UK’s leading property auctioneer Auction House – operating as Auction House Loveitts in Coventry and Warwickshire - has announced impressive results for June 2020 despite the ongoing Coronavirus pandemic, with sales exceeding 80% of last year’s level, and website visits up by 52% year on year, with over 1.7m page views during the month.

In June Auction House offered 318 lots and sold 259 – a buoyant success rate of 81.5%, raising over £34m (£34,350,532) in the process.


Commenting on the results, Sally Smith, Auctioneer and Director said: “It’s clear that the auctions market is regaining the momentum lost during lockdown, with sellers and buyers returning in substantial numbers. Demand is strong, and the prices being achieved are impressive. So, it’s fair to say that we are well on the way back to a new normal.


“While our room auctions are paused, people have widely accepted the alternatives of bidding online, by proxy or by phone, and have taken to viewing our livestream sales in huge numbers. The market still has some catching up to do, because many sellers held-back during the tight lockdown months – but auctions are completely operational again, and Auction House is fully open for business!”


Successful sales at the end of May included a 3 bedroom semi detached house in Rugby guided at £120,000 selling for £180,000; a property that had a potential for 2 retail units and a 2 bedroom flat in Coventry with a guide price of £135,000 which sold for £152,000


Sally Smith said: “In particular, buyer demand has shot up and this creates a big opportunity for sellers who have properties that they want to sell quickly. For valuations and viewings, we have Covid-secure procedures in place. We can even appraise properties online if necessary and are confident that we can sell all types of auction stock in a busy market.


“Auctions have grown in popularity during lockdown, and more sellers and buyers are turning to our speedy and certain method of sale – as can be seen by the huge jump in our website traffic. In fact, there is so much demand, the prices we can secure will usually be ahead of expectations.”


Interestingly, last month saw the highest average selling price this year, jumping from £92,642 in April, to £132,627 in June – a 6.4% increase compared to the same time in 2019. Sally Smith explained: “I would put this down to a combination of market mix and a reflection of demand. More and more larger properties are coming to the auction market, and strong prices are being achieved because people are competing for them!


“From the properties we have already listed, we can see that July will be a big selling month and – with many of us putting off summer holiday plans - we fully expect August to be busy too!”