BREXIT WOBBLES? NOT IN MY AUCTION ROOM SAYS SALLY SMITH OF LOVEITTS
Property Auction Sales Remain Buoyant
Brexit does not appear to be affecting property auction sales in Coventry and Warwickshire, according to leading property auctioneer Loveitts.
Interest is strong and sales are buoyant as the area’s oldest estate agent and sole property auctioneer prepares for its latest bi-monthly auction.
While some investors in London and the South East are showing signs of nervousness about the property market that sentiment has not spread to the West Midlands.
Sally Smith, Auctioneer and Director of Loveitts, said: “Investors appear to have left any Brexit wobbles they feel at the door of our auction room – we’re are busy as ever.
“Whether it is because property in this area provides a good return on investment for landlords, or that people are excited about Coventry becoming UK City of Culture 2021, there is no denying that the auction market is buoyant.
“We have had lots of interest over the past year and it is certainly not abating. Rental yields here are easily exceeding those now available in London and Investors are taking a long view when it comes to Brexit.”
At the firm’s last auction, in September, 28 properties, ranging from a small parcel of land to family homes and an office, were sold for a total of £2,511,500.
Many exceeded their guide prices – a collection of 14 garages off Moor Street, Coventry went under the hammer for £68,000, well above the guide price of £45,000 to £55,000.
Investment properties were popular, with a terraced house in Gulson Road, Stoke, guide price of £110,000 to £130,000, showing the trend by achieving £157,500.
With two vibrant and well-respected universities in the city – Coventry University and Warwick University – demand for property to rent in the city is high.
“Our next auction is already attracting a lot of interest from buyers from the area and farther afield, with more than 20 lots up for sale,” added Sally Smith.
“We have a very varied portfolio from parcels of land across Coventry and Warwickshire to a house subdivided into eight flats in Shakespeare’s home town of Stratford-on-Avon.”
The next auction is at The Village Urban Resort Hotel, Canley, Coventry, on Thursday, November 21st at 6.30pm.