COVID-19 Update

Auction House announces highest monthly sales total EVER

Auction House – operating as Loveitts Auction House in Coventry and Warwickshire - has announced its highest-ever monthly sales total, with its sales in May alone exceeding £70m (£70,309,251).

 

The group sold 397 properties from 466 properties offered under the hammer last month, at an impressive success rate of 85.2%.

 

This means that so far this year the group has sold 1,395 lots from 1,709 offered, at a success rate of 81.6%, and has raised a total of over £220m (£221,674,003).

 

Commenting on the figures, Sally Smith, Auctioneer and Director said: “Not only has Auction House continued to sell more properties every year than any other UK auctioneer, but it’s now exceeded its previous best by selling over £70m of property in a single calendar month.

 

“This is an incredible achievement – especially when you take into account the fact that this figure has been achieved almost exclusively for our private sellers. The closure of courts during the Covid 19 crisis means that we have been without our usual selection of repossessions – often seen as the lifeblood of auction stock - from corporate clients.

 

“No doubt the end of the Stamp Duty holiday at the end of this month has been one of the factors which have driven sales forward – but we have seen enthusiastic bidding and an appetite for purchasing property that has continued undiminished, even while the pandemic and restrictions have continued.”

 

Indeed, Sally Smith says that she believes property prices are going to continue to hold their own for some time to come, despite rumours that a house price crash is on the horizon.

 

She explains: “For a house price crash to happen, a mix of certain ingredients has to be in place. For example, during difficult times like these, there would have to be a lack of government intervention and support. But, as we’ve seen from measures like quantitative easing, extensive furlough, and the stamp duty holiday, the government has already done a considerable amount to prop up the market.

 

“There also seems to be no appetite on the part of the government to pay back the massive debt that has been accrued over the pandemic – which would certainly act as a huge deflationary pressure. So, with all of that taken into account, whilst we may see a cooling off in the market, I honestly think it’s difficult to envisage a house price crash in the near term.”

 

Sally Smith’s upbeat analysis was echoed by industry analysts and forecasters who took part in Auction House’s recent annual conference – which was held virtually for the very first time, via live video stream last week (Friday 4 June).

 

Sally Smith added: “Most importantly, the phenomenal success of Auction House means that there is a plethora of happy vendors out there, successfully selling to lots of interested buyers, with bidding staying keen and prices remaining buoyant. And that’s a situation we expect to continue for some time to come.”