AUTION HOUSE SELLS 3,000th PROPERTY OF 2019, WITH SALES FIGURES AND SUCCESS RATES BOTH UP

Auction House UK - operating as Loveitts in Coventry and Warwickshire - has just sold 3,000th property of 2019, in a year with more sales and even better success rates than in 2018

The group, which has sales figures running at over 100 lots above this time last year, says that its auction rooms are not suffering the problems prevalent elsewhere in the property industry.

 Sally Smith, Auctioneer and Director: “Estate agents tell us that the market is on it knees in many parts of the country, blaming the combination of Brexit and a forthcoming general election, which means selling and buying decisions are being put on hold.

 

“But that’s simply not true in the auction room. Indeed, quite to the contrary, many recent sales have delivered a healthy success rate and some strong prices for stock that continues to be in demand.”

 

Auction House sold 374 auction lots in October at an on-target success rate of 75% (up from 71.4% in October 2018), and with a combined sales value of over £50m (£50,119,799). The 2019 performance from January to October is even more impressive, with 3,185 lots sold - an above-expectation success rate of 77.2% (up from 74.5% in 2018), and a sales total of more than £355.5m (£375,588,372).

 

Sally Smith added: “The sales floor of an auction room brings multiple buyers and keenly-priced properties together. It still results more often than not in lots being sold after competitive bidding, at figures above the minimum required by the seller.

 

“Our message is really compelling: instruct us, follow our advice on process and price, and you will have a 75% chance of selling. Also, when speed matters, auction delivers. Our timeline gets you from listing to exchange in three to six weeks, with completion two or four weeks later.”

 

The 3,000th property sold by the group this year was a 2-bed character cottage in Huddersfield, West Yorkshire, with stunning views over the adjoining countryside, which sold on the 23rd of October for £95,000.

 

Sally Smith concluded: “Media reports may suggest that house sale transactions are well down on the seasonal norm, with both sellers and buyers holding back. But this is not the case for auctioneers. Interestingly, a growing proportion of our instructions are coming to us through estate agent recommendation - which underlines the difficulties they are experiencing.

 

“So sellers need to know that irrespective of the market climate and political distractions, we can sell for them – particularly if they want a result or are in a hurry.

 

“For buyers – put simply, if they are cash-ready, now is a good time to buy. We have a huge selection of properties to choose from, auction lots are more keenly priced than those offered by estate agents, and more often than not, they will be able to buy the lot they want at less than their maximum figure. For many, that will be a real opportunity and one worth pursuing.”