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Record half-year results prove popularity of room auctions, says Auction House

Loveitts Director and Auctioneer, Sally Smith

The UK’s largest property auctioneer, Auction House – operating as Loveitts Auction House in Coventry and Warwickshire – says that its record results for the first half of 2019 indicate the continuing attraction of room auctions.

Between January and June this year, the group sold 1,733 lots from 2,275 lots offered – an increase of 10% on the same period in 2018 – and with a success rate of 76.2% (up from 75.0% last year).

Commenting on the figures, Sally Smith, Loveitts Director and Auctioneer said: “Not only have we sold more lots than at any other time in the 12 year history of the company, but we’ve done so when the latest indications are that nationally the sector is down by around 10%. To be able to buck this trend in such challenging circumstances – and by such a large amount – is a remarkable achievement.

“The results suggest that the Auction House model, which is to sell local properties to local buyers through regional auction rooms, is providing precisely the format the public are looking for. Whilst online auctions will continue to supplement our lot numbers, the best choice for most sellers will be a salesroom. For buyers too, the auction room is generally preferred because it has all the energy and excitement that sitting in front of a computer screen simply cannot replicate.”

As well as raising more than £200m in the past six months, the results for the month of June were also the best ever, with the group selling 316 lots from 420 lots offered, at a success rate of 75.2%, and raising £38.9m in the process.

Entries for July are also impressive: there are 585 lots currently showing on the Auction House UK website, with more yet to be added.

Sally Smith explained: “There is a strong motivation to get assets sold before the summer holiday break. This always boosts our July numbers, and seems to be doing so again this year.

“Interestingly, our average sale price is down at £116,000 (from £126,000 in 2018), which reflects higher sales numbers in the north, and less high-value London lots being included in the mix.

“But ultimately, auction success is measured by the number of lots sold – and this year we’re ahead of last year by a significant 10%.

“We will soon be filling our late summer/early autumn catalogues and are expecting buyers to be out in force after the summer break. The next Brexit deadline will soon be upon us; astute sellers will probably choose to enter their lots well before that date approaches.”

The next auction in Coventry & Warwickshire will take place on Thursday 11th July at 6.30 p.m. at Urban Village Resort Hotel in Canley, Coventry.