A local property auction proves the property market within Coventry and Warwickshire is as buoyant as ever with several lots smashing their guide prices.
Hosted by Loveitts, the bi-monthly auction featured 25 lots that ranged from commercial, land and residential properties situated throughout the county.
Hundreds were in attendance at the auction, which was held at Coventry’s Village Hotel, in a room filled with budding investors and first time buyers alike – all hoping to bag themselves a bargain.
A number of lots were sold significantly above their guide prices on the night, marking another successful auction for one of Coventry and Warwickshire’s leading estate agents.
Sold for £145,000, a 3-bedroom end terrace property in Radford, Coventry exceeded its original guide price of between £100,000 and £120,000 by £25,000.
A 2-bed mid-terraced property situated in Hillfields also beat its guide price by £19,000, selling for £99,000. And a 2-bed mid-terraced property in Holbrooks also beat its guide price of between £50,000 and £60,000, being sold for £87,000.
Another highly popular lot was a 3-bedroom 3-storey mid-terraced property on Grange Road, Longford which sold far above its original guide price of between £45,000 and £55,000, selling for £91,000.
However the hottest lot on the night took the form of a 0.76-acre piece of land situated in Stretton under Fosse, Rugby that held the potential for further development. Sold for an incredible £260,000 after a bidding frenzy, the piece of land smashed its guide price by selling three times over its original value.
Despite a series of reports suggesting the property market throughout the UK is stagnant – and in some cases plummeting – this most recent Loveitts auction proves that the market remains buoyant within the county.
According to a leading property website (Zoopla), property prices in the Midlands are growing at a rate that is faster than the rest of the UK due to economic and political uncertainty, making Coventry and Warwickshire one of the sought-after areas for property hunters in the UK.
Last year property growth in the Midlands even overtook London and the South, with further predictions suggesting that out-of-town investors will target the region in the not-so-distant future to reap the spoils of this spike in the market.
According to experts at Loveitts, investors coming from outside the area is the key to the estate agents’ continued auction success.
Loveitts Director and Auctioneer Sally Smith commented: “The consistent level of interest we receive at our auctions prove that the local property market is not slowing down anytime soon.
“With recent reports suggesting that the Midlands property prices are growing at a faster rate than the likes of London and the South, it is no coincidence that our auctions have seen a noticeable spike in bidders coming from all over the UK – and we can only see this interest continuing to increase as more people are drawn to the area with the 2021 City of Culture bid and the city’s rising student population.
“The persistent popularity of our auctions coupled with lots such as the 0.76-acre piece of land in Stretton under Fosse beating its guide price three-fold not only demonstrates the level of interest at our auctions, but the effectiveness of this ever-growing route to market.
“We have ended our last summer auction on a high and we now look forward to the next in September.”
The next auction will be on Thursday 26th September at the Village Hotel, Coventry at 6:30pm.