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Loveitts herald changing attitude to auctions

Wednesday 25 January 2017

An impressive £4.2 million was raised at Loveitts most recent auction held in Coventry - representing its largest property auction in its 173-year history.

A total of 27 lots ranging from garages and commercial properties to terrace homes and even a chapel, went under the hammer last month, with a staggering 83% success rate on the night.

Hundreds of people attended the event at the Village Urban Resort Hotel in Coventry, which Loveitts experts believe signals a changing and more positive attitude towards auction over the more traditional methods of selling a property.

Sally Smith

Loveitts Associate Director Sally Smith, who was on the rostrum for part of the evening, said: “We were extremely excited to hold our biggest ever Coventry auction and the results on the night did not disappoint. We were expecting a large crowd, but attendances of in excess of 350 people certainly exceeded our expectations.

“I think this demonstrates a changing attitude towards the way vendors want to sell their properties. Auctions provide an excellent platform for the more unusual properties – such as the Carousel pub – and it can mean that sellers get a higher price than if they had gone down the more traditional route.

“The standard of properties under the hammer were also very high and in some desirable areas of Coventry and Warwickshire. In fact, we originally had 30 lots but we sold three prior to the auction because they proved to be an attractive sale.”

Loveitts, which is Coventry’s only local auctioneer, is unique as it specialises in properties only across Coventry and Warwickshire – whereas its competitors spread themselves across the Midlands, targeting mainly Birmingham and surrounding regions.

The November auction offered huge variety with lots ranging from parcels of land to business premises and a farm.  The auction even saw the sale of two properties within the same street (one of which is pictured above). Loveitts sold 356 Grange Road for £85,500 – which was more than double its starting price – and 332 Grange Road for £80,500.

“Coventry’s property market is very buoyant as it is a desirable region to live with its central location, access to the motorways and home to some of the biggest employers such as Jaguar Land Rover and Severn Trent,” added Sally

“As a business we pride ourselves on being the only true local auctioneer with an unrivalled wealth of local knowledge and expertise, which has grown over the years. We are proud of our history here in Coventry and of our reputation within the property market and we look forward to many more years within this vibrant city.”