COVID-19 Update

LOVEITTS MAXIMISES OPPORTUNITIES ACROSS THE BOARD AS PROPERTY MARKET REMAINS BUOYANT

The UK property market is enjoying its most buoyant period in years.

 Not only the residential market, which has seen a huge boom partly due to the stamp duty break introduced during the pandemic, but commercial property too has seen its highest capital value growth since 2017.

 John Pugh, Managing Director at Coventry & Warwickshire-based Loveitts, said the company is in the midst of exciting times, with growth in every area of the business and very little sign of slowing down.

 In line with the growth Loveitts is offering exciting new recruitment opportunities across all sectors of the business, including commercial property.

 Established in 1843, the company is one of the region’s leading estate agents with a multi-disciplinary offering that remains unique in the industry even today.

 With branches in Coventry, Nuneaton and Leamington Spa the company offers residential sales and lettings, land and new home sales, commercial agency and estate management, block management, professional valuations and lease advisory consultancy among its service portfolio.  Loveitts represents clients not just in Coventry and Warwickshire, but from as far afield as Manchester in the north, Southampton in the south and Leicestershire / Northamptonshire in the east.

 With a near 60-strong workforce the company enjoyed a near 10% growth in turnover over the past 12 months (despite Covid!) and is envisaging significant future growth in the forthcoming year.

 John Pugh puts the success of the company down to the vision of its original founders – maximising new business opportunities and diversifying the service portfolio, all while ensuring the best interests of the client are at the heart of every deal.

 It’s a strategy which is working well, with Loveitts able to maximise opportunities in all corners of the booming property market.

 According to the latest figures from the CBRE Monthly Index, property capital values increased by 0.8 per cent in June. This represented the highest all-property capital growth figure since December 2017.

 The retail sector’s capital value grew by 0.5 per cent in June. Retail warehouses alone rose by 1 per cent in that time – the steepest rise in seven years. The value of high street premises grew by 0.3 per cent, while industrial premises’ capital value grew by 2.3 per cent.

 John Pugh said Loveitts’ vast offering allowed the business to grow alongside the markets.

 He said: “Every area of the business is on an upward trend, with no sign anywhere of slowing down.

 “Strong house sales in the region are seeing demand exceeding supply. There is also equally strong demand for commercial property – industrial premises in particular, with multiple parties keen to own rather than rent.

 “Residential lettings are also on the up, with an increasing number of managed properties on our books and our residential block and service charge management department has seen an unprecedented rise in activity with an increasing number of block coming under our stewardship.”

 The company’s popular auctions – a firm fixture on the Loveitts calendar for more than 100 years - have been conducted online since Covid19, giving the agency the flexibility to organise the events more regularly albeit a return to room (alongside its live-stream auctions) is anticipated very shortly.

 Perhaps surprisingly, Loveitts is still the only auctioneer in the Coventry area even today. The company is looking to rally the crowds back to live auctions in the near future.

 With more land in its portfolio Loveitts has expanded its new homes offering, disposing of development sites for landowners. Its dedicated new homes department is a hit with an increasing number of local developers appointing Loveitts to sell their properties.

 Valuations too are on the increase with demand from lenders as well as pension funds and solicitors needing valuations for various purposes - whether matrimonial or tax computation purposes.

 Loveitts pins its success and longevity on its unrivalled customer care and its ever-expanding service portfolio, with the diversity of its offering creating more business opportunities.

 John said: “It is not uncommon for a customer selling his home through Loveitts to mention a colleague with a flat or some commercial premises to let, or for someone who is looking to let their flat asking for help with the management of the property and later recommending Loveitts as the manging agent for the entire block.

 “Such business opportunities allows us to grow so as a practice we’re now looking to further extend our offering by recruiting new professionals across all sectors and especially in Commercial where there’s currently a fantastic opportunity for career progression to potentially head up the Commercial team in the future.

 The Loveitts of 2021 is a far cry from the Loveitts of 1843. But adhering to the principles of its original founders has allowed the company to enjoy a long and prosperous journey, building an unrivalled reputation as a prominent and respected player in Coventry life over many generations.

 Even in the company’s early years it oversaw some of Coventry and Warwickshire’s largest and most important property deals.

 These included an eight-day auction sale at the 12th Century, 500-acre Coombe Abbey Estate, the sale of the Coventry Opera House which opened in 1889, the sale of Coventry’s historic Queens Hotel which was demolished in 1967 due to war damage, and even the auctioning of one whole side of Hertford Street – its home for many years until 1941 when its former offices – at number 61 – were heavily bombed, destroying company records and forcing Loveitts to relocate.