logo
COVID-19 Update

Auction House applauds the resilience and ingenuity of the property sector

Leading property auctioneer Auction House – operating as Loveitts Auction House in Coventry and Warwickshire - has applauded the resilience and ingenuity demonstrated throughout the sector over the last 18 months.

Sally Smith, Auctioneer and Director says that since the beginning of the pandemic the industry has moved heaven and earth to continue to work for their vendor and buyer clients. This has involved embracing cutting edge technology which has powered the entire industry forward by at least five to ten years and has changed the way auctioneers conduct their businesses forever.

She explains: “Before Covid, all property auctions were conducted in room and there was a commonly held belief that buyers would never acquire properties by bidding for them online and vendors would never be prepared to offer their properties for sale in such a way. How wrong we were! Today, we see buying and selling properties via livestream and online auctions commonplace and Auction House for example are seeing vastly increased levels of engagement from buyers and sellers across the world.

 

“As the pandemic begins to come under control and we all get used to living with Covid, some auctioneers are considering a return to the room. Irrespective of this, auctions will still be very different to 18 months ago, since the offering will be a hybrid of in-room and livestream – something which was never contemplated just 18 months ago.

 

“Auction House has been in the vanguard of companies adapting to the new environment we all now live in, and by offering livestream and online auctions for the last 18 months have seen very impressive volumes of sales with £600 million of property forecasted to be sold over the last 12 months alone!”

 

As well as embracing new technology, companies across the sector have learnt to be nimble on their feet and adapt to ever changing circumstances – for example Auction House Bedfordshire were planning a hybrid in-room / livestream auction in Milton Keynes this month and within days of the event were informed the hotel was to be used as a vaccine centre and that their booking was cancelled. Within hours a new venue had been booked and their marketing department swung into action and ensured their clients had been informed.

 

The Auction House success story continued through November, meaning that the group has now offered 3,839 properties so far this year, successfully selling 3,180 of them – a success rate of 82.8%, and raising almost £535m (£534,936,279) in the process – tantalisingly close to the £600 million forecast.

 

Sally Smith added: “Versatility and the ability to be adaptable are just as important as cutting-edge technology and this is something the Brits specialise in.

 

“Auction House is one of many businesses across the country which has proved that it can rise to the challenge and can become inventive and entrepreneurial. We should be proud of what has been achieved and look forward to 2022 with confidence”.