The results of our
July auction proves the property market within Coventry and Warwickshire is as buoyant
as ever with several lots smashing their guide prices.
The bi-monthly auction
featured 25 lots that ranged from commercial, land and residential properties
situated throughout the county.
Hundreds were in
attendance at the auction, which was held at Coventry’s Village Hotel, in a
room filled with budding investors and first time buyers alike - all hoping to
bag themselves a bargain.
A number of lots were
sold significantly above their guide prices on the night, marking another
successful auction for one of Coventry and Warwickshire’s leading estate
Sold for £145,000, a
3-bedroom end terrace property in Radford, Coventry exceeded its original guide
price of between £100,000 and £120,000 by £25,000.
A 2-bed mid-terraced
property situated in Hillfields also beat its guide price by £19,000, selling
for £99,000. And a 2-bed mid-terraced property in Holbrooks also beat its guide
price of between £50,000 and £60,000, being sold for £87,000.
Another highly popular
lot was a 3-bedroom 3-storey mid-terraced property on Grange Road, Longford which
sold far above its original guide price of between £45,000 and £55,000, selling
However the hottest
lot on the night took the form of a 0.76-acre piece of land situated in
Stretton under Fosse, Rugby that held the potential for further development.
Sold for an incredible £260,000 after a bidding frenzy, the piece of land
smashed its guide price by selling three times over its original value.
Despite a series of
reports suggesting the property market throughout the UK is stagnant – and in
some cases plummeting – this most recent auction proves that the market remains
buoyant within the county.
According to a leading
property website (Zoopla), property prices in the Midlands are growing at a
rate that is faster than the rest of the UK due to economic and political
uncertainty, making Coventry and Warwickshire one of the sought-after areas for
property hunters in the UK.
Last year property
growth in the Midlands even overtook London and the South, with further
predictions suggesting that out-of-town investors will target the region in the
not-so-distant future to reap the spoils of this spike in the market.
Investors coming from
outside the area is the key to the estate agents’ continued auction success.
Auctioneer Sally Smith commented: “The consistent level of interest we receive at
our auctions prove that the local property market is not slowing down anytime
“With recent reports
suggesting that the Midlands property prices are growing at a faster rate than
the likes of London and the South, it is no coincidence that our auctions have
seen a noticeable spike in bidders coming from all over the UK – and we can
only see this interest continuing to increase as more people are drawn to the
area with the 2021 City of Culture bid and the city’s rising student
“The persistent popularity
of our auctions coupled with lots such as the 0.76-acre piece of land in
Stretton under Fosse beating its guide price three-fold not only demonstrates
the level of interest at our auctions, but the effectiveness of this
ever-growing route to market.
“We have ended our
last summer auction on a high and we now look forward to the next in September.”
The next auction will
be on Thursday 26th September at the Village Hotel, Coventry at