Loveitts held their bi-monthly Auction last week at the DeVere Village Hotel in Coventry, and broke several success records on the night.
22 Lots were in the catalogue with 18 being offered on the night for sale. With over 350 viewings having taken place on the Lots prior to Auction, it was expected that there would be a high number of attendees at the Auction, and there certainly was. Approximately 300 people attended the Auction which is a record since the venue change at the beginning of this year.
The bidding was strong and with some Lots there were several people trying to bid at the same time. All of the Lots, except one, sold for over the Guide Price and Sally Smith, Auction Manager, said “the activity in the room certainly demonstrates a feeling of confidence in the current marketplace, and the number of competing bidders suggests that buyers are perhaps willing to pay that little more than perhaps what they would have paid outside of the Auction room. Correctly set guide prices and reserve prices are certainly proving that for the right style properties best prices can be gained in the auction room.”
One of the Lots, Land at Rowleys Industrial Estate sold for £686,000 which was over 50% above the Guide Price of £450,000. This was the highest value Lot that Loveitts have sold in over 4 years, another record! In addition over £2 million of properties was sold on the night, another record for Loveitts in the past 4 years.
Kendall Head, Auctioneer, said “ we are hoping that the success levels of the September Auction, and the positive nature of the bidders will continue. The results of this Auction suggest an improving marketplace, with more buyers having access to funds and more buyers having the confidence to spend their money. We certainly hope it continues”.
Loveitts next Auction is on the 28th November, with Lots now being taken. For further information please contact 02476 527789.