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Online auctions surge for Loveitts

Sally Smiths, Loveitts Director and Auctioneer

Buying homes over the internet is proving so popular in Coventry and Warwickshire that leading estate agents Loveitts is now holding weekly online auctions in addition to its popular bi-monthly auctions.

The firm, the only property auctioneer in the area, has stepped up the frequency of its online auctions in response to demand from the public for the service.

With a heritage stretching back 175 years, the firm is nevertheless moving with the times and providing a variety of different routes to market for sellers.

The weekly unconditional online bidding battles are designed to suit prospective buyers who appreciate the thrill of the chase – and the prospect of a bargain – associated with auctions but who prefer to avoid the bother of attending a sale in person or submitting a proxy bid.

“Property auctions are one market that doesn’t seem to have been affected with all the uncertainty about Brexit. It certainly hasn’t hit the auction room,” said Sally Smith, Director and Auctioneer at Loveitts. “The market is still extremely buoyant and we are getting plenty of properties.

“With smartphones and tablets people are now more connected than ever before and completely accustomed to buying what they like when they like over the internet …… so why not include property?

“People already surf the internet to search for homes, now they can use it to actually buy homes. The beauty of an online auction is that buyers are totally in control of their bids and can amend them at any time of day or night.

“They don’t have to attend an auction house in person, they don’t have to submit a proxy, they don’t have to conduct bidding over the telephone and they can take a step back and assess what price they are truly willing to pay.

“Of course, as with all property auctions, a sale is binding once agreed, so prospective purchasers must safeguard their interests by conducting all searches and surveys beforehand, just as they would with any other property purchase.

“They also need to have their financing in place.”

The sales process is quick, with immediate exchange and completion taking place usually within 28 days or less. It is a fast and efficient service with added advantage of having visibility across the UK. Properties in the online auction are sold exclusively online. (check)

For those who still enjoy the thrill of a traditional property auction, Loveitts is holding bi-monthly property auctions at the Village Urban Resort Hotel in Canley, Coventry, where selling prices gained frequently exceed their estimates.

The online auction room can be viewed at: https://www.loveitts.co.uk/auctions/online-auctions.

The next Loveitts auction takes place at the Village Urban Resort Hotel in Canley, Coventry, on Thursday November 21st at 6.30pm.

To find out more about all the properties beforehand log on to: https://www.loveitts.co.uk/auctions/upcoming-auctions or contact Loveitts on 024 7622 8111.